July 1, 2007

Daren Fonda
SmartMoney

The cost of solar panels has fallen by half in the past 15 years, cutting the cost of a system capable of powering a home to about $30,000. Analysts expect the cost to fall even more rapidly in the next few years.

Throw in tax breaks and other incentives offered in some states, and the systems can often pay for themselves within a decade. To find out if there are incentives available in your area, check out the online Database of State Incentives for Renewables & Efficiency.

What other costs can you expect when going solar? Setup costs can include as much as $1,500 for upgrading your fuse box. Another issue is the roof, which might be unable to support the solar panels. Eliminating shade from trees on the property also has a cost beyond sentimental reluctance.

However, the hefty costs pay off when it's time to sell. According to a study by ICF consulting, every $1 reduction in annual fuel bills increases a home’s resale value by $10 to $25.

If you decide to take the solar plunge, look for installers who have been approved by the North American Board of Certified Energy Practitioners, which requires professionals to pass a four-hour exam and have at least one year of experience in the field.

Labels: Corona, Foreclosure, Home Prices, Inland Empire, Loan Modification, Moreno Valley, Murrieta, Real Estate, Riverside, Short Sales, Statistics, Temecula