Installing a home solar system will automatically reduce your monthly power costs and make your house house cheaper to run, saving you money. But did you know that installing residential solar panels will also increase the value of your home?
Residential Solar Panels Increase Home Value
Residential solar panels increase the value of your home by lowering expenses. The National Renewable Energy Laboratory conducted a study to assess the increase in property value after a solar installation. According to their research, a home’s value increases approximately $20 for every $1 decrease in energy costs.
However, here are three important factors to take into consideration when evaluating the increase in home value from solar panels:
- The location of your house. Solar installations in active solar markets typically provide higher returns than comparable installations in less developed markets.
- The size of your system. Property value increases are directly proportional to the number and quality of rooftop solar panels installed.
- The home’s value. Larger homes usually receive a higher nominal boost in property value.
Install Solar Panels and Receive a Higher Asking Price
If or when you decide to sell your home with rooftop solar panels, you can yield a higher asking price. Research sponsored by the Department to Energy found that home buyers are willing to pay more for a house with rooftop solar panels. The research also found that buyers were willing to pay a $15,000 premium for a home with an average-size solar energy system compared with a similar home without one. This means that homeowners with solar power systems not only regain the initial cost of their solar systems when they sell, but also receive a premium that will increase the return on their investment. It is also important to note that as electricity prices rise, the advantages of solar power go up proportionally as well.
Home solar system installation is one of the safest and smartest investments you can make, and unlike other investments, you actually begin to enjoy returns on the first day and add equity to your home!
If you have any questions concerning how solar panels can increase the cost of your home, solar panel cost, or how to install a solar energy system on your home, please give us a call! (855) 339 – 1831