Greetings fellow investors,
THis is a wide ranging topic concerning Solar Panels - either for a primary residence or rental property (both Tarrant County).
Have anyone of you been getting offers from installers for a financing package in tandem with a buyback process? I recently listened to a sales presentation from a company who did a neighbor's residential property. It all sounded good but as real estate investors we all know the value of due diligence and comparative shopping.
I'll post more info on this thread (providing there is some interest from fellow investors). Also I'll contact my insurance people.
Thanks for any and all advice on this topic.
A few solar panel door-to-door sales folks have dropped by my house, and I've talked with them. However, I have yet to be convinced that I'm going to realize an overall savings when I include the payments for the solar panels themselves. I'm still interested in this topic though. As long as you're not involved yourself with the sale of solar panels, I look forward to the additional info you can share with us.
I have received similar offers. They way I understand is that the payments for the panels are offset by the savings on electricity. Hence, “Free” solar panel pitch But I have heard from some folks that the savings is not as good as the salesman projects.
Terry, you've got 2 separate questions here. An an investor, I would certainly be asking "What's the benefit here for me as a real estate investor?" I mean, if I'm not paying for utilities....so what's the point?
Now if it's my own home, ok, there's some benefit...but I do feel that if you have the resources to be "energy responsible" then certainly consider solar. I would not anticipate ever having enough savings to justify the costs. The average homeowner lives in their home for 7 years. That's right about the "break even" point in most studies. There are some energy jurisdictions that allow you to "sell back" your overages - meaning, you create more energy than you use, so the energy grid buys what energy you create from you. But even in those places it still takes years to earn your money back. If you've got the money, go for it. But if this would keep you strapped for cash, I would tell you to cut costs in other ways around the home. This is a pretty reasonably unbiased article: https://www.marketwatch.com/picks/guides/home-improvement/are-solar-panels-worth-it/
Once the panels are on the home...what happens when you want to sell? Red Tape is what....so anyone considering solar must consider this wrinkle, unless you know you won't be selling for a LOOOONG time. What study i have done of the topic, i find there's so much to know! So many angles and products AND PROGRAMS...Do thy OWN homework, don't take someone's word, ESP. a SALES PERSON!! IF I were to seriously consider the prospect, it would be to have battery back up...from which i could use my power WHEN I CHOOSE, esp during power outages. Research everything, then research some more - and include some folks who have taken the plunge. YouTube is a good resource, but you have to watch for bias there as you do anywhere.
Happy Investing...and by the way, to Andrew's point, I don't really think it is for your Investment property!
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