Does it make sense for homeowners to invest in solar power? The Nashville newspaper had an article yesterday that shows the interest that some homeowners have in generating electricity by installing solar panels on the roof of their homes. Also mentioned was the fact that the return on investment is very poor. In Nashville, It would take at least 15 years of savings to pay for the expense.
For Nashville real estate, it's not the best way to spend your money.
I would really like to find a cheap way to conserve energy, and I think those days are coming. But I don't think solar panels on a home are the right answer.
For a very small percentage of the cost of solar panels, you could invest in better insulation, better windows and doors (only if you have single pane windows), a high efficiency HVAC unit, and last but not least, and my personal favorite. Plant a few trees on the south side of the the house.
With the exception of trees, all of these come with a new house. When I moved from a 12 year old home to a new home 2 years ago, my energy expense was reduced by an average of 60 percent, even though I had bought a home that was 30 percent larger. I'm not saying that old homes cannot be energy efficiient, but the house wrap that comes on all new homes, as well as double pane windows, seer 13 heating and cooling units, and higher insulation requirements, make new homes generally more energy efficient than older houses.
As as for resale, Some think that these panels are not attractive, and actually reduce the resale value of the house. It depends on the location of the panels, and the style of the house.
I just don't feel comfortable recommending these panels to anyone who may want to sell their home in the future. I would recommend a new house.
