SOLAR POWER ON THE
ROOF TOPS
More and
more people are looking into solar power as an alternative energy source. The government
is funding programs as an incentive to attract people, companies
will offer amazing deals and it all seems environment friendly and so
profitable too … a win-win opportunity that you cannot just pass on.
I am not
debating whether or not the solar power is a good option. My only intention is
to bring few points for your consideration before making up your mind.
Your solar panels and your roof:
1) Shingles’ warranty: Manufacturers will void the warranty when you have solar panels installed
on their shingles. The solar panels shorten the shingle’s life time.
2) Roofing contractor’s warranty: Most roofing contractors in the GTA will provide a 10-year warranty
on their labor. A recurring condition to this warranty is that no repairs,
alterations or any other type of work performed by other professionals, except
for the roofing company you’ve hired, will
void the labor
warranty. So having technicians installing solar panels on your roof
will probably void the contractor’s warranty.
3) Solar panels service requests: Service calls may not be free of charge so it’s important
to find out if the company charges for service and if so how much, and what’s
their availability as well. You could be surprised by the service fee you would
be facing if you need them to remove and install back the panels if you need to
replace your roof.
Your solar panels and your home
insurance:
Before you
go ahead and get the guys on your roof installing the solar panels an important
step is to call your agent/broker and let them know about your plans. Each insurance
company will have its own underwriting conditions and what one is willing to
insure not necessarily will be insured by another. If you are happy with your insurance provider
and wouldn’t want to insure your home elsewhere make sure you get a check list
stating which documents and certifications you will need from the company
installing the solar panels in order to keep your policy in force. It’s very
simple, just follow your agent’s guidance.
Your insurance
premiums may increase because now you have an “addition” to your home which is
worth a certain amount of money, increasing the total value you are being
insured for. In case of a loss you will be reimbursed for this loss, hence the
premium increase. Make sure you talk to your accountant about it because part
of your insurance premium can be reimbursed.
Bringing it
all together, there are some important points to consider before installing
solar panels on your roof:
·
How
many more years will my roof last? If you have 2-3 more years only you could
consider replacing it before installing the solar panels and saving on the service
fee to have it removed and re-installed.
·
Which
type of shingles do I have? Life time shingles are manufactured to last around 50
years. If you have to replace your roof before installing solar panels you
should consider the type of shingles you are installing.
·
Am
I prepared to lose the warranty on my roof? Both the manufacturer’s and the
labor warranty will probably be voided.
·
Do
I have proper guidance from my insurance provider on how this could affect my
home insurance? Make sure to get a check list.
·
Are
the solar panels for personal use only or will you be selling the energy? If you
are selling the energy than you will have a taxable income. You can deduct
expenses against the income including house insurance, maintenance costs, loan
interest and depreciation of the equipment. Your accountant would be
able to let you know exactly which expenses you can claim against the income of
the solar panels.
I hope this
article will help you along the process of getting the solar panels you want.
If you have any questions, please feel free to contact me.
Thank you
and keep shining!
Paola
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