| Being a homeowner brings many daunting things… like replacing your roof. Roofs, like any part of your home, require preventive maintenance. Unfortunately, many times homeowners do not find issues with their roofs until a leak occurs or something more visible appears. Roofs last about 15 to 25 years on average. This of course depends on building materials, climate, etc. Roofs are the ultimate source of shelter for families so they are extremely important to maintain. Many homeowners can struggle to finance a roof replacement due to the hefty price tag that comes along with them. Depending on building materials and square footage, the average homeowner is going to spend between $5,000 to $15,000 on a replacement. If you are someone who has been needing to replace your roof, then you might want to consider going solar at the same time. There are several benefits to doing these projects hand in hand. Avoid Up Front Cost The first benefit is that homeowners avoid having to pay for the roof replacement upfront. Currently, there are federal and state incentives in place that are aimed to encourage people to make the switch to solar. This allows homeowners who add solar panels to do so without any money down and the total cost of the project is then divided into a low fixed monthly rate which is usually cheaper than what they are currently paying for electricity from the utility company. Many homes require a roof replacement to be equipped for the panels and when you include the cost of the roof to be included in the solar project, the homeowner does not have to fork over a large sum up front and you can pay for your roof and the panels over time. This new bill now replaces your current energy bill which has been known to increase every year with inflation. Tax Credit If the homeowner qualified for the solar incentives mentioned earlier, the federal government will give 26% of the total project cost back in the form of a tax credit. Select states have extremely lucrative incentives to go solar as well. For example, South Carolina will give an additional 25% of the total project cost, on top of the Federal tax credit. That’s currently 51% off of the total project cost! Unfortunately, in 2023, this rate will be stepping down to 22% and will eventually go away completely in 2024. This means the sooner you make the decision to go solar, the better returns you will receive. The Overall Cost Lowers The next benefit to adding solar panels while replacing a roof is that the overall cost is usually lower. There are several ways this can happen. Roof replacements cost $10,000 on average. According to the National Renewable Energy Laboratory (NREL), the average cost of installing a residential rooftop solar array is $19,000. NREL researchers estimate that when done together, the average cost could be $25,000. This saves homeowners an average of $4,000. This is usually because solar contractors and roofers have a relationship with each other and are willing to give clients the best deals available. Panels Help Prevent Damage Further, today’s solar panels come with a 25 year product warranty. Many roofers have suggested solar on newly installed roofs. This is because the solar panels add another layer of protection against the elements and will actually prolong the life of a typical roof. If solar panels conservatively last about 25-30 years while roofs last about the same, it makes sense to do both products at the same time. This saves money in the long run. Increase Home Value Yet another benefit is the financial value solar adds to your home. A report from Lawrence Berkeley National Laboratory found that solar panels are viewed as upgrades. They state that home buyers across the country have been willing to pay a premium of about $15,000 for a home with an average-sized solar array. Additionally, there is evidence homes with solar panels sell faster than those without from other notable sources such as Zillow, The National Realtor’s Association, The Appraisal Institute, and more. Help The Environment An average of 2.3 million single family, detached homes per year will require a roof replacement over the next decade. If just a fraction of those homes go solar at the same time, it would represent significant progress toward the U.S. decarbonization goal. Making such a large investment on your home can be scary, but the benefits of adding solar far outweigh the negatives. You help save the environment, avoid increasing rates from power companies, and receive payments from the government that will ultimately save your family money. For more information about replacing your roof & solar for your home, contact us today for your free estimate and consultation.843-268-4284 | [email protected] |
