Installing rooftop solar panels can help homeowners reduce energy costs, with experts estimating that the average U.S. household saves around $1,500 annually on utility bills after adding this renewable energy infrastructure. Over the panel’s lifespan, these savings can total anywhere from $28,000 to $120,000, but having them can also make some home renovations more expensive.
Removing and reinstalling solar panels for roof repairs can cost up to $6,000, which amounts to spending around four years worth of savings from the panels. This additional expense delays the break-even point for the solar investment. Typically, a solar system takes around eight to 12 years to pay for itself, but this time period can in some cases be extended by 50% when factoring in the costs of getting those panels out of the way and then back onto the roof again.
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The extent to which insurance may help with solar-related costs varies. Some policies will either cover or partially cover the expense of removing and reinstalling panels if the roof repair is due to covered events such as hail or wind damage. However, not all insurance policies include this coverage, and many homeowners who need a roof replacement due to age or normal wear may have to pay for these costs out-of-pocket.
To address these challenges, some solar companies are targeting homeowners who are already planning to replace their roofs. With approximately 5 million homes in the U.S. requiring a new roof each year, solar providers are partnering with contractors to offer combined packages that include both roof replacement and solar installation.
The average cost of a standalone solar installation is around $19,000, while a roof replacement typically costs $10,000, resulting in a total of about $29,000. By combining these services, homeowners can save an estimated $4,000, according to the National Renewable Energy Laboratory. As the adoption of rooftop solar is expected to double by the end of the decade, these integrated offerings could become more commonplace.
[Jack Aylmer]
HAVING ROOFTOP SOLAR PANELS CAN SAVE HOMEOWNERS TENS OF THOUSANDS ON ENERGY COSTS OVER THE COURSE OF THEIR LIFESPAN-
BUT THEY CAN ALSO MAKE SOME HOME RENOVATIONS MUCH MORE EXPENSIVE.
EXPERTS SAY THE AVERAGE US HOUSEHOLD SAVES FIFTEEN HUNDRED DOLLARS ON UTILITIES EVERY YEAR AFTER ADDING SOLAR PANELS.
AND THOSE SAVINGS CAN TOTAL FROM 28,000 TO AS MUCH AS AS MUCH AS 120,000 THOUSAND DOLLARS BEFORE THE PANELS NEED REPLACING.
HOWEVER, REMOVING AND REINSTALLING THEM TO MAKE ROOF REPAIRS CAN CUT INTO THOSE ELECTRICITY SAVINGS.
THE PROCESS CAN FORCE PEOPLE TO SPEND UP TO SIX THOUSAND DOLLARS IN ADDITIONAL FEES-
ESSENTIALLY NEGATING FOUR YEARS WORTH OF ENERGY SAVINGS-
AND ADDING ABOUT 50 PERCENT MORE TIME TO HOW LONG IT WILL TAKE FOR A HOME SOLAR SYSTEM TO PAY FOR ITSELF, WHICH TYPICALLY HAPPENS AROUND 10 YEARS IN.
SOME INSURANCE PROVIDERS WILL PAY OR PARTIALLY PAY FOR PANEL-RELATED EXPENSES IF ROOF REPAIR IS NECESSARY DUE TO COVERED EVENTS LIKE HAIL OR WIND DAMAGE.
BUT NOT ALL POLICIES OFFER THIS, AND PANEL OWNERS LOOKING TO REPLACE THEIR ROOF SOLELY BECAUSE OF ITS AGE MAY HAVE TO FUND THEIR PANELS’ REMOVAL AND REINSTALLATION THEMSELVES.
THIS DILEMMA HAS LED SOME SOLAR PROVIDERS TO TARGET PROSPECTIVE CUSTOMERS WHO ARE ABOUT TO GET A NEW ROOF.
FIVE MILLION AMERICAN HOMES NEED A NEW ROOF EACH YEAR-
SO SOLAR COMPANIES ARE WORKING WITH CONTRACTORS TO PROVIDE AN ALL-IN-ONE SOLUTION.
DONE SEPARATELY, GETTING A HOME SOLAR SYSTEM COSTS ABOUT NINETEEN THOUSAND DOLLARS ON AVERAGE,
AND THE AVERAGE ROOF REPLACEMENT RUNS ABOUT TEN THOUSAND DOLLARS FOR A TOTAL OF ABOUT 29 THOUSAND.
THE NATIONAL RENEWABLE ENERGY LABORATORY ESTIMATES THOUGH THAT COMBINED OFFERINGS CAN SAVE PEOPLE AN AVERAGE OF FOUR THOUSAND DOLLARS ON THOSE COSTS.
AN ARRANGEMENT WHICH COULD BECOME A MORE FREQUENT TREND WITH THE NUMBER OF U.S. HOME SOLAR INSTALLATIONS SET TO DOUBLE BY THE END OF THE DECADE.
TO GET MORE STORIES ABOUT THE RENEWABLE ENERGY INDUSTRY DOWNLOAD THE STRAIGHT ARROW NEWS APP AND SIGN UP FOR ALERTS FROM ME – JACK AYLMER.
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