Everybody has his/her idea of a dream home which never exist in the market. So you buy a house you like, and change it to your liking. Some people like the feeling of achievement in diy. Others have money to hire contractors to get it done more efficiently. There are many home improvement ideas, big or small. It is almost a never ending process. There is always something to improve. You can paint your house inside and out (also for maintenance purposes). You can remodel your kitchen. You can add a sun room or a window. You can replace your porch. You can build a swimming pool, etc. The advantage of home ownership over a relationship is you can change (rearrange) it however you want, as long as you have the money and/or time.
Not only does home improvement make your home more comfortable to you and your family, it also increase the value of your house. It is an investment and often requires a significant budget. The money side of it can never be overlooked. However, it is a double-edged sword. The increase of your home value also means an increase in your property tax.
A Different Kind of Improvement
Other than improvement of the look and feel of your home, an ultimate home improvement is to convert your home energy source into renewable energy. It is environmentally friendly, and it saves you money. The solar energy powers the Earth, why not let it power your home as well? It also gives you a modern look and definitely will increase the resale value of your home. Using wind turbines to convert wind power is another alternative energy source. The trend in alternative energy can also be seen in the auto industry. Automobiles are going hybrid and electric.
Money-wise, there is a major difference between home improvement by installing a solar power system and common remodeling or add-ons. Cosmetic upgrades to your bathroom, kitchen, or even outdoor landscaping, though helping the market value, add to your property's assessed, taxable value and makes it harder for you to recoup the costs when you sell.
On the contrary, in most states, increases in assessed property value from the addition of solar power systems are completely exempt from property taxes. The federal government, specifically the Department of Energy, also gives you federal tax credit up to 30% of the system cost, without a cap. The government encourages the use of renewable energy.
A solar power system, like most other home improvement, is a long-term investment. Solar panels usually come with a 25-30 year warranty. They can last a long time, while the energy bill saving is gradually materialized.
The Budget
The solar panels cost and the cost of a whole solar power system has dropped rapidly and continuously over the past 10 years. The number of homes going solar also has experienced a dramatic growth. At the same time, the cost of energy, electricity, natural gas, oil continues to increase. Still the cost of installing a solar power system is no walk in the park. At the current retail, a solar power system can easily cost you more than $10,000, depending on the size as well as the quality. Installation also costs a significant amount of money.
There are different options when installing your solar power system. The system can be off-grid or grid-tied. Being grid-tied means your system is integrated into your existing power source. There are pros and cons for either approach. In many states, the utility company also uses net-metering which allows you to send excessive electricity to them for credit if your system is grid-tied. A grid-tied system also uses inverters to convert direct currents (DC) generated from the solar panels into alternating currents (AC) which is compatible with the household power source. Conversion from DC to AC can cause a significant loss of energy.
There are also different options in the inverters used in converting DC to AC. You can use a central inverter or multiple micro-inverters, each connecting to an individual solar panel. Each approach has its pros and cons and can have substantial price difference.
You have to carefully consider all these factors to determine which is the best option for you. Before installing your solar power system, do make sure that your home owner association does not have any covenant against it.
Not only does home improvement make your home more comfortable to you and your family, it also increase the value of your house. It is an investment and often requires a significant budget. The money side of it can never be overlooked. However, it is a double-edged sword. The increase of your home value also means an increase in your property tax.
A Different Kind of Improvement
Other than improvement of the look and feel of your home, an ultimate home improvement is to convert your home energy source into renewable energy. It is environmentally friendly, and it saves you money. The solar energy powers the Earth, why not let it power your home as well? It also gives you a modern look and definitely will increase the resale value of your home. Using wind turbines to convert wind power is another alternative energy source. The trend in alternative energy can also be seen in the auto industry. Automobiles are going hybrid and electric.
Money-wise, there is a major difference between home improvement by installing a solar power system and common remodeling or add-ons. Cosmetic upgrades to your bathroom, kitchen, or even outdoor landscaping, though helping the market value, add to your property's assessed, taxable value and makes it harder for you to recoup the costs when you sell.
On the contrary, in most states, increases in assessed property value from the addition of solar power systems are completely exempt from property taxes. The federal government, specifically the Department of Energy, also gives you federal tax credit up to 30% of the system cost, without a cap. The government encourages the use of renewable energy.
A solar power system, like most other home improvement, is a long-term investment. Solar panels usually come with a 25-30 year warranty. They can last a long time, while the energy bill saving is gradually materialized.
The Budget
The solar panels cost and the cost of a whole solar power system has dropped rapidly and continuously over the past 10 years. The number of homes going solar also has experienced a dramatic growth. At the same time, the cost of energy, electricity, natural gas, oil continues to increase. Still the cost of installing a solar power system is no walk in the park. At the current retail, a solar power system can easily cost you more than $10,000, depending on the size as well as the quality. Installation also costs a significant amount of money.
There are different options when installing your solar power system. The system can be off-grid or grid-tied. Being grid-tied means your system is integrated into your existing power source. There are pros and cons for either approach. In many states, the utility company also uses net-metering which allows you to send excessive electricity to them for credit if your system is grid-tied. A grid-tied system also uses inverters to convert direct currents (DC) generated from the solar panels into alternating currents (AC) which is compatible with the household power source. Conversion from DC to AC can cause a significant loss of energy.
There are also different options in the inverters used in converting DC to AC. You can use a central inverter or multiple micro-inverters, each connecting to an individual solar panel. Each approach has its pros and cons and can have substantial price difference.
You have to carefully consider all these factors to determine which is the best option for you. Before installing your solar power system, do make sure that your home owner association does not have any covenant against it.