Looking for a safe investment with guaranteed outcomes? Then consider adding value to your home by installing solar panels.
A solar energy system is a good investment. Tax credits are still available. The cost of solar has dropped significantly in the past several years while electricity prices increased.
For maximum benefit, you need to own the system rather than leasing it. Leasing agreements frequently include a price escalation clause which could defeat the financial benefits of changing to solar. Also, tax credits are only available for owners and not for lessees. It may be better to partially finance a solar system rather than leasing it.
You can get a 26% federal tax credit on systems installed in 2022 and 22% for systems installed in 2023. https://www.energy.gov/eere/solar/homeowners-guide-federal-tax-credit-solar-photovoltaics. Many additional tax benefits are available, e.g. solar state tax credit, solar project sales tax exemption, solar installation property tax exemption (depending on your state). Net metering allows for additional benefits.
Your Return on Investment (ROI) is greatly dependent on regulation and the utility price of electricity in your state (www.seia.org/states-map). Ask your solar installer for a detailed calculation. You likely get a ROI of 6%+ and a payback period of 6 to 8 years, a significantly better return than current interest rates. Since solar panels last for 25+ years, you should get free electricity for about 17 years.
By buying a solar system, you support solar jobs, help reduce reliance on fossil fuels, and help to fight global warming. Adding a battery to your system allows you to maintain power during outages.
If you are renting or your homeowner association does not allow solar panels, there are additional options available: switch to a green power utility, join a community solar project (and use virtual net metering if available in your state), convince your landlord/association to install solar, get a smaller plug-in solar system, or purchase Renewable Energy Certificates.