Homeowners have many options when looking to secure a financial future for retirement, but many do not realize that installing solar for your home can be one of the smartest retirement options available.
Solar power reduces the cost of electricity to almost nothing and can free up thousands of dollars every year. Nationwide companies like Green Solar Technologies offer $0 down low-interest solar loans so homeowners can take advantage this investment strategy without a large cash down payment.
To ensure financial stability, homeowners planning for their retirement generally invest in lower-risk options. The unfortunate fact that many have discovered is that the markets can be unpredictable. Baby boomers have lived through several recessions, most notably in 2008, with more than a few of them losing their savings and pensions.
With potential cuts to Social Security coupled with rising healthcare and energy costs, many baby boomers are looking for ways to save for and during retirement. Solar panels are a natural fit as they provide steady, increasing returns, but without the unpredictable fluctuations of those markets.
The baby boomer generation began retiring this decade and it is estimated around 10,000 retirees will leave the workforce every day. Sadly, many of these baby boomers won’t have enough savings to lean on for support during their remaining years on a fixed income stream. Based on the statistics from the Insured Retirement Institute’s latest report, 59% of retirees rely heavily on Social Security income. When paired with the fact that 45% have nothing saved for retirement, the baby boomers have big challenges up ahead.
Solar energy is a safe and reliable way for homeowners to invest in their retirement without any risk. Andrew Campolong, the Finance Manager of Green Solar Technologies, was asked to comment in a recent interview. He said, “In addition to the savings each year, homeowners are also hedging against future energy price increases. The volatile and unpredictable nature of energy price fluctuations can be burdensome to individuals on a fixed income. Solar energy provides stability, which is especially prudent for those on a fixed income.”
He further commented, “There is a huge amount of savings over the years, and we have seen customers’ utility bill prices drop to almost nothing.” By producing cheap sustainable electricity, homeowners are protecting themselves from utility rate increases for the life of the solar power system, which can be up to 30 years. “Solar will save you money,” said Mr. Campolong, “and with the added value of helping the environment, switching to solar is a win-win.”
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