Author: Tiffany_Henkel

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As an extreme analytical, I like to research things to death, ruminate on the findings, ruminate some more, and then maybe–just maybe–make a decision. So when a client mentioned to me that they had decided to install solar panels on their roof, I was intrigued…and then I went down a rabbit hole.

For six solid months, I researched, interviewed solar companies, evaluated cost versus benefit, researched some more, discussed ad nauseum with my husband, and then finally made the decision to install solar panels on my roof.

Obviously, I decided that the pros of installing solar panels outweighed the cons for me. But is it the right decision for you? Let my research and rumination benefit you—below are the pros and cons of installing solar panels:

Pros:

  1. The most obvious: solar reduces your electric bill. Not only can solar offset your electric usage, but you could also be eligible for net metering, an electric billing tool that sends the excess power your panels produce back to the electric grid. If in a day your solar panels produce 20kWs and your home only uses 15kWs, 5kWs get sent back to the grid and offset your electric bill.
  2. Your potential monetary savings will increase over time as electricity continues to increase in price year over year.
  3. You should be eligible for federal tax credits, if you own your system. Currently the Federal Solar Tax credit is 30% of the cost for installation (until 2032). So, if your system costs $30,000, you could be eligible for a $9,000 tax credit, thus lowing the net cost of the system to $21,000. Obviously, consult with your tax professional to make sure it works for you.
  4. You also could potentially sell SRECs, or Solar Renewable Energy Credits. SRECs are created for each megawatt-hour of electricity generated from the solar energy system. Some states have created SREC markets to boost solar installations by requiring electricity suppliers (Pepco, BG&E, etc.) to purchase SRECs produced by in-state solar energy systems as part of their obligation under the state’s Renewable Portfolio Standard (RPS). In our area, the District of Columbia and Maryland offer SREC programs. The value of the SRECs can vary state by state and month by month. DC has one of the more robust SREC markets.
  5. Solar panels are low maintenance. You don’t really need to do anything to the panels other than keep debris off of them.
  6. Solar will decrease your dependence on non-renewable resources. Because saving the planet is always a pro.

And the Cons:

  1. The up-front cost can be cost prohibitive. It can cost between $2,750-$4,000 per kW system, so if you have a 10kW system the range should be $27,500-$40,000. Obviously this is a lot of money up-front and it can take years to recoup the cost.
  2. Some HOAs may not allow them or restrict where they can be placed on your home.
  3. If you live in a wooded area or in the shadow of larger buildings, you won’t be able to reap the maximum benefits.
  4. If you don’t own your roof (common element of a condo/co-op), you likely won’t be able to install solar panels.
  5. The overall aesthetic. Let’s be honest: they aren’t the most aesthetically pleasing part of a house.

I have not regretted my decision to install solar panels for one minute. Since doing so, my husband and I have been able to take advantage of the tax credit, we’ve been able to sell our SREC credits (we live in DC), and our electric bills have reduced significantly (we’ve even had negative balances some months). And the most fun part is logging into the app to see how much energy we’re producing.

If you are thinking of adding solar to your home, let us know. Properties on the Potomac would be happy to talk you through the process and make recommendations.

Here are some additional solar resources.

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It was almost exactly nine years ago that my husband and I purchased our townhome in Washington, DC. It was about eight years and nine months ago (who’s counting?) that I joined our HOA board as Treasurer.

HOAs, or Homeowners Associations, (or COAs/Condo Associations) sometimes get a bad rap. Some people view them as intrusive or overbearing, but HOAs are critical to maintaining many communities and even increasing the value of your home in many instances.

For what it’s worth, I’m still the Treasurer of my HOA (and have recently joined the board of an investment property as well). And the President, secretary, and architectural review board are all still the same people as well. We’ve developed wonderful friendships and have worked to oversee projects big (replacing the entire brick courtyard) and small (planting flowers in the courtyard.) These projects have been integral to maintaining the value of our investment and our community is thriving, well taken care of, and a place I can proudly call home.

Obviously I’m fully on-board and involved with my HOA. Whether you love them or hate them, here’s why you should be involved, too:

  1. Be “in the know” about what is going on in your community. Learn about what projects are planned, how your monthly fees are being spent, when the next community yard sale is, etc…
  2. Be a decision maker. You help decide which projects to prioritize and how the money is spent.
  3. It looks good on your resume. Taking an active leadership role should go on your LinkedIn profile and potentially on your resume. If you are looking to move up in your career, having extracurricular volunteer leadership activities can only help.
  4. Change the status quo. Many associations have had the same rules and regulations in place for years, but they may not be relevant to the times. For example, an HOA might require all front yards to be planted with a specific type of grass. What if that grass no longer grows well in that location? What if you would rather plant clover or flowers for lower maintenance? There are many HOAs that will not allow solar panels or EV chargers. If yours is one of them, consider trying to make that change. I have worked with many clients who view these outdated rules as dealbreakers. For a good laugh, google “weird HOA rules” and you’ll come up with some strange ones like a garage sale dress code or no blue trampolines.
  5. Your property value will thank you. If you have a well-run HOA that makes sure the grass is cut, trees trimmed, snow plowed, trash picked up, etc… and your community looks nice, your home will increase in value tenfold over the community that lets itself fall into disrepair.
  6. Make new friends. We all know that it is much harder for adults to make new friends than it is for children. Why not make it easier on yourself and get to know the people literally in your back yard? What we’ve learned over the past 3 years of a pandemic is that community is an important part of social connection. We spent many evenings out in our courtyard, distantly socializing with our fellow neighbors. It helped keep us all sane.

Help yourself and your neighbors by getting involved in your HOA or COA. You can start small by going to meetings, and then consider pushing yourself to take it one step further and joining the board. Your community and board will thank you. You have nothing to lose.