With energy costs rising across the country, an increasing number of homeowners are discovering the savings opportunities of switching to solar. This is true for luxury homeowners as well, and as My Solar Solutions CEO Kiara explains, installing solar on large luxury estates can decrease energy costs while increasing the value of the home.
“Larger homes over a certain amount of square footage are just powerhouses, they consume so much energy,” Kiara says. “We see clients spending thousands of dollars a month on their utility.”
If a homeowner is paying $2,500 each month for their electric bill, over a 5-year span that amounts to $150,000 in costs without considering cost of inflation. If you look at the same monthly cost over a 20 year span that’s $600,000 spent on utility costs, again not factoring in inflation.
Instead of simply giving that money away to the utility company, Kiara says, clients can select a solar energy solution, lower their monthly bills, collect available tax credits and reinvest their capital.
“You can own an asset that will one day be paid off,” Kiara says. “And then if you decide to sell your house in the future, you are now offering a home with no electric bill.”
When it comes to buying and selling luxury properties, Kiara says, a large part of the equation is not the purchase amount, but how much it will cost to maintain the home.
“The bigger the estate, the more costs that come with maintaining that property. So if you can remove a huge portion of that, which is the utility cost, you are going to make the home more attractive to buyers.”
For some homeowners and real estate investors, however, the question of whether to install solar on the property is not strictly a question of finances and cost savings as there are $0 installation costs and anyone who installs solar on their home will see immediate savings. Ultra-wealthy property owners are more concerned with the effects that solar panels will have on the aesthetic appeal of the home.
As a solar broker, Kiara is at her best in these situations. Because My Solar Solutions is not obligated to represent one solar installer over another, Kiara conducts thorough research into the needs of her clients. Based on their preferences, she matches the homeowner to the right solar solution.
“A lot of times with luxury real estate, there is a lot of land that is not being used for whatever reason, like an embankment that is hard to develop,” Kiara says. “We can put a solar system on the embankment or use low-profile mounting technology to keep the panels hidden, depending on the layout of the roof. There are different ways we can meet the aesthetic preferences with luxury real estate so that it doesn’t affect the visual curb appeal.”
Many luxury homeowners see their property as a critical investment, which is another area in which owning solar can help them. While they may not be as concerned with cost savings, they recognize that creating a system that eliminates costs and generates a valuable asset is a sound financial strategy.
“For luxury real estate, it is not necessarily about the savings, it’s about the equity in the home and taking advantage of tax credits,” Kiara says. “It’s about paying toward an asset instead of paying a service charge and then eventually having that system paid off, so if and when they do sell the house, or, let’s say, retire, they no longer have a payment that is going up every month and they have a piece of equipment that is generating a valuable resource for their house.”
Whether they are focused on cost savings, improving the value of their home, or generating energy in a clean and aesthetically pleasing way, luxury homeowners are turning to solar systems more than ever. And when they do, Kiara of My Solar Solutions is there to provide them with the right system to match their needs.
My Solar Solutions specializes in engineering solar for commercial, residential, and even luxury estates.
In today’s marketplace, it’s not about the company as much as it is about choosing the right broker who has enough knowledge to engineer a solution for someone’s business or property. Every installer is going to have positive and negative reviews, which is why working with a broker with extensive experience is crucial.
Brokers at My Solar Solutions have served in the solar industry for years and maintain a lifelong relationship with their clients in the event the homeowner has questions about their system in the future. They are known to provide a white glove experience when helping families transition to solar but at an economical price.
The industry has changed drastically over the last 2 years with $0 down installation costs, 0% interest rates on financing, and massive Federal Tax credits available. If a property owner has not received a quote from a Solar Solutions broker in the last year it would be in their best interest to learn about their options and what they may qualify for.
To learn more about My Solar Solutions, visit www.mysolarsolutions.co.
Written in partnership with Ascend
