California is one of several progressive states that are exploring and innovating new ways to provide electrical power to homeowners. Because of this, technology such as solar energy and home battery systems are becoming increasingly popular.
Why Go with Renewable Energy?
First, there are serious tax benefits to upgrading your home with renewable energy systems. Second, there are the utility savings. It may cost you some money to install the technology now, but it will likely pay for itself over time because of reduced dependency on outside energy sources. Third, you are doing your part to reduce your carbon footprint with a greener lifestyle. Lastly, it should increase the resale value of your home.
Home Battery Systems
One very popular system right now is the home battery system, which works in conjunction with solar energy panels. The one issue with solar is that it inconsistently produces energy because the sun is out only half of the day. However, in-home battery storage systems such as the Tesla Powerwall make any concerns with solar a thing of the past. The battery stores energy so that it can be used as needed throughout your home.
It regulates energy usage, further reducing your dependency on the utility companies. Also, it essentially acts as a generator. If there is a power outage in your neighborhood, your electricity will keep running as normal. We’ve seen wildfires and hurricanes knock out major power grids in different parts of the country lately, so a home battery connected to your solar panels can keep your home running as normal despite outside forces.
We’re seeing developers incorporate more renewable energy systems in new homes and homeowners are rapidly seeking ways to get “off the grid”
Now, the home battery technology is still rather new and untested over long periods of time. Of course, it will keep evolving and new systems will come out. At this point, however, it is easily the hottest renewable energy product on the market and may be worth looking into.
How to Finance Your Energy Upgrades
Many homeowners are taking out home equity lines of credit or doing cash-out refinances to help pay for solar and home battery energy upgrades. This is where Transparent Mortgage can help. Energy-efficiency upgrades of all types are great for our environment and good for you as a homeowner. Use your equity to make these upgrades. Then, enjoy the lower energy costs over time.
Remember, you will also likely see a natural increase in your home’s resale value. Whatever equity you take out to pay for the upgrades may be immediately accounted for because of the upgrades.
For those about to buy a home, it may make sense to borrow more upfront in order to make energy-efficiency upgrades right as you move into your new home. It’s a good idea to talk with your mortgage loan officer to research your options. It may or may not be a prudent move right off the bat, depending on your financial situation, the house and other factors.
For more information about getting a home loan, home equity loan or cash-out refinance started, call Transparent Mortgage today at (619) 929-0199. We also have partnerships with local solar energy and home battery system installers, so we’ll be happy to point you in the right direction if you are considering these upgrades.