Switching to solar power is an increasingly popular way to renovate a second home that prioritizes sustainability. Solar panels attached to the roof of a property use a semiconductor material to convert sunlight into electricity. Harnessing the sun’s energy could decrease your electricity bills by a range of approximately 45% to 55%.
As interest in sustainable sources of energy grows, having a second home powered by solar energy could also increase its value. Better yet, if you opt for off-grid solar power, it could also make you less reliant on your municipality’s energy grid. That means you wouldn’t be affected by power outages, especially important for those in rural cottage areas.
But what about the cost? “Before deciding to go solar make sure to do your due diligence,” suggests McGillivray. “Find out the cost of the system and the expected energy it will produce. Then compare it to what you would otherwise pay for the same amount of energy. Then calculate how many years it will take for your initial investment to pay for itself in saved energy costs.”
High setup fees were certainly a deterrence when solar power was first introduced. However, there are several current federal and provincial programs and tax incentives to help cushion the expense. Cost may not be the impediment it once was, with the price of solar panels decreasing as much as 90% since 2010, according to some estimates.
Setup cost isn’t the only consideration. It’s wise to contact your property insurance representative and let them know you’re installing solar panels. It may impact the replacement value of your property, so you may need an updated insurance policy.