When it comes to retirement, anyone would want to make sure that their future is financially established so they can rest easy knowing they’re in good hands. Exploring various options is a smart choice here and a growing number of homeowners are finding solar panel installation as a good deal.
One can think of home solar panel systems as an opportunity for investment as it can lower or even eliminate electricity bills totally. In fact, an average of about $1,000 in cash yearly is an expected figure for savings here. There are many loans and great options available that nearly anyone can take advantage of solar as an investment strategy for retirement.
Choosing Solar as an Investment Option for Retirement
Options that entail low risk are often the most invested schemes retirees and those planning to retire go for. This is why solar panel installation is an amazing fit as these provide a steady and growing return just like other high return investments like bonds and stocks, minus the unpredictability.
There are many financial benefits retirees can get when choosing solar today:
Solar is capable of reducing or even getting rid of power bills. A reliable solar energy system can generate as much as 100% of a home’s electrical needs. Electricity bills can be slashed in half or even totally eliminated, allowing people to have extra cash to spend or invest each month.
Solar lets you hedge against fluctuating prices in the future. The rate of utility electricity almost always increases each year which can be worrying for most. When you generate your own power, you not only protect yourself from these rate changes, you also become an independent household unlike others.
Your home’s value increases with solar. When you have a solar energy system installed in your residence, the value of your property goes up. Numerous studies have confirmed that people are more inclined to pay more for houses that already have solar panels in place.
How to Choose the Financing for Your Solar Retirement Plan
No matter what financial option you go with, you will be saving money with your solar energy system. However, there are some financing choices that lets you get more returns compared to others. There are three common ways to pay for your system:
Purchasing outright. One of the best ways to reinvest an investment that has matured recently is by purchasing a solar system in cash. This is because the average homeowner can usually get a return of their investment in just 7 and a half years. Aside from that, they also keep all of the financial benefits that come with a solar panel system.
Get a solar loan. If you’d rather not pay by cash, then you can always get help with your purchase from a financial institution. Usually, your monthly loan repayments are lower than your electricity bill so you can start saving immediately. Most homeowners will retain between 40 to 70% of the system’s financial benefits through a solar loan depending on the terms.
Go for a solar lease. Choosing a solar lease won’t require you to pay cash up front but you will be charged a reduced rate per month by the third-party owner instead. The deal here is to “rent” the system and will most likely result in a 10 to 20% savings on your electricity bill throughout the agreement.
Look Into Solar as an Investment Opportunity for Retirement
Solar WA is a company that sells a wide range of solar related products and services in Perth nowadays. We are capable of providing you with the solar panels that you need for your investment opportunity during your retirement. If you want to know more, contact us today!
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