My Advice on Buying Solar Panels and Electric Cars

By JIM SMITH

In the wake of last Saturday’s green homes tour and electric vehicle showcase, I’d like to share the advice I give to people who ask me about investing in solar power and buying an electric car.

As much as I wish it weren’t so, you will not recoup what you spend on solar panels, insulation and other green home improvements for your home when you sell it. As with any improvement, you will receive a percentage of what you spend, but it will not be anywhere near 100%. Only make those investments because you’ll enjoy the comfort and savings for at least a few years — and because it’s the right thing to do.

Regarding electric cars, I recommend buying a used EV. The used car industry has yet to properly value used EVs. Currently electric cars are devalued the same way gas cars are devalued, which doesn’t make sense. Consider a 4-year-old gas-powered car with 100,000 miles on it. You can probably get it for half its original price, because so many components, such as transmission, timing belt or fuel pump, are worn and might fail. But none of those components exist in EVs. There are under 50 moving parts in a Tesla. The same age EV is simply as good as new.

A used Tesla built before mid-2017 is an especially good deal, because lifetime free supercharging transfers to the buyer (unless purchased from Tesla). I’ve seen many Tesla Model S cars for sale online under $40,000, less than half their original price. Here’s one I found just now on autotrader.com….