Are Solar Panels a Smart Home Investment for DFW Homeowners?

Are solar panels worth it? This is a question I have received from many of my clients, especially
this summer as North Texans have faced higher electricity bills with the record breaking
temperatures we’ve had. Before you sign on the dotted line and invest in solar panels, let me
share with you what I often see overlooked. Of course the investment can be quite steep, with
the average Texas homeowner paying $30,000 for installation. Therefore the time spent
recouping your upfront cost on average has a payback period of 13 years for most Texas
homes. This is where, as a Realtor, I take pause. Because the average homeowner lives in their
home for less than 13 years, so does it really save you money? When adding solar panels,
many take out a loan that is attached to the property with a lien. This means if you sell your
home prior to paying off the panels, the payoff must be collected at closing and typically the
balance will fall on the seller to pay. I have actually had deals fall through because sellers could
not pay off their solar panels. And when buyers are asked to take over a solar panel lease, the
majority of them will not or simply cannot. Another road bump I’ve encountered is when going
through the lender’s bank appraisal process, solar panels don’t always reflect a significant
property value increase. And what about HAIL??? We all know living in DFW there is always a
huge risk of hail damage! Solar panels do have an average lifespan of 25-30 years, similar to
most roofs…but as I once heard from my roofer, “This brand new roof will be good for the next
30 years, or until the next hail storm”! All joking aside, there are of course benefits to having
solar panels installed, from reducing your carbon footprint to minimizing your reliance on the
power grid…Anyone else having some winter ice storm PTSD flashbacks? Ultimately, my
advice is to make sure you do your due diligence and if you feel confident in your decision and
financially are able to make the investment, without a doubt I know Mother Nature will be
Thanking you…and the rest of us will be very jealous during the next ice storm when we all
don’t have power!