Much Like Buying a Home, Solar Lets You Own Your Energy Generation
Here at Elite Roofing & Solar, we strongly believe in the importance of financial independence. That includes things like minimizing debts and ensuring every one of your dollars is being put to good use. While we’re one of the top solar companies in Denver, we don’t purport to be financial experts. Still, a common piece of financial wisdom is that owning a home is better for you financially in the long run, as your money is put toward equity rather than handed over to your landlord or property management company.
In many ways, making the transition from traditional electricity usage to solar is similar. When you’re fully on the grid, every dollar you spend on your electricity is gone. By investing in solar, however, you’re able to take steps toward greater financial freedom and build equity in your energy, not just your home. Here’s why you should go solar—and stop renting your energy.
The Importance of Building Equity
In simple terms, equity is the value of owned property. Most of the time, it’s used in the context of homeownership. The more you’ve paid off your mortgage, the more equity you have.
Another way to look at equity is the amount of money you would be paid if someone were to buy an asset from you, minus any lingering debts. So if someone purchased your home from you, it’s the remaining amount of money you receive after using that money to pay off the rest of your mortgage.
Building equity is generally a good idea, financially speaking, as it ensures more of your money is being put toward building your own wealth. While that money may no longer be in your pocket, it’s at least been invested in something useful.
Rented Energy Means Lost Dollars
Equity is frequently mentioned in the context of purchasing a home. For renters, each rental payment is essentially lost. The money goes straight to your landlord or rental company rather than being put toward owning your own property. This is why purchasing your first home is so important.
There are many other things in our lives that work more like renting. For example, while we pay a bill each month for electricity, water, and other utilities, we aren’t building any equity in those things. The utility companies collect the money, but while we certainly make use of the water or electricity we receive, we aren’t building any wealth. In other words, while that money did go to something useful, it is still lost to us in terms of personal assets.
Solar Is an Opportunity to Own Your Energy
While there are many services and utilities that must be provided to us, and that we generally cannot do ourselves, electricity is no longer one of them. With the advent of solar panels for home installation, suddenly generating your own energy is now possible.
The parallels between installing solar panels and owning your own home are clear. Both carry a significant upfront cost, but with time they are excellent avenues for building wealth. Depending on your own usage, you may even generate additional wealth for you and your family—by re-selling your home at a higher value, or by selling electricity you don’t use back to your energy company.
There’s Never Been a Better Time to Go Solar!
As a final point, solar ownership has never been more accessible, financially. There are many solar incentives that drastically reduce the upfront cost to purchase and install solar panels. Other incentives reduce or eliminate things like sales tax and additional property taxes on solar installations.
In other words, now is the perfect time to install solar panels on your home and take ownership of your energy. Instead of renting electricity, you can build equity and add to your family’s assets through solar. As one of the leading solar companies in Denver, we can help get you there.
If you’re looking to break free from the grid and start building your energy equity, book your solar consultation with Elite Roofing & Solar today!