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An investment in solar panels is a good decision for your health and for the planet. A solar energy system allows property owners to use solar power to heat their homes, which means not having to worry about relying on utility companies and paying an electric bill.
Solar installations are valuable, but they are also costly. The question is, though, do these panels increase home value?
At SmartSolar, we want to help you determine if a solar energy system is the right decision for you based on your goals as well as the energy costs it could save you.
Contact us now to learn more about installing solar panels on your particular home.
Could Solar Panels Increase Home Value?
There are many reasons to invest in installing solar panels for your home.
- They will reduce your energy costs because you can harness the sun’s energy instead of paying for energy through the utility company. Solar savings can be exceptional.
- You can also avoid being without power when there are power outages in your area. Your power will continue to work thanks to solar batteries. That’s a good thing for those who do not want to rely on utility companies.
- Excess energy produced by your solar panels could be sold to the utility company—a process called net metering. That could mean you are not only eliminating electricity bill costs but also getting paid for the solar energy you do not use.
- It’s good for the planet. A solar-powered home relies on the sun through the use of solar equipment, which means you are not using fossil fuels that create a carbon footprint and greenhouse gas emissions.
When you consider all of these benefits—the solar savings, the good that you are doing to the planet for your solar investment, and your ability to eliminate your electricity bill—the investment in solar panels is a great thing for you. But what about potential home buyers?
Solar panels can add value to your home
For potential buyers, there are some really great reasons to buy a home with a solar panel system. That is to say, having solar panels will not discourage people from buying your home. Solar panel systems can last for decades and require very little maintenance. Most people will find this to be an added benefit to the property compared to other homes.
They may also add value to your home. A survey that was conducted by the U.S. Department of Energy’s Lawrence Berkeley National Laboratory found that solar panels can add value to a home, with people in six states indicating that they would pay $15,000 or more to buy a home that had solar panels on it compared to purchasing a home without solar panels.
Homes with solar panels, then, could be a great way for you to boost the resale value of your home. Now, the amount you will get back for solar panels may not be as much as you put into them, though some areas may differ.
You should invest in solar panels for your own power needs. Don’t add solar panels just before renovating the home to list it on the market. The cost savings come primarily from the money you save on energy costs. But a decade down the road, your system could add value to your home if you should sell it.
How to Determine the Value of Solar Systems for Your Needs
Investing in residential solar panels can be a very good thing, and there are a few ways to keep costs down and see significant energy savings.
Get the tax credit
A federal solar tax credit may still be available to help you reduce solar panel installation costs. That means your initial investment is likely to be lower. Solar panel installation can be more affordable when you use this and other solar incentives.
Buy a quality system
Solar panel installation of a high-quality product makes your initial investment worthwhile. It also helps to ensure the product will perform well for you for years to come. That is going to help home buyers in realizing the value of the system on their home.
For example, if you have solar panels installed, and the system is a high-quality one with a long warranty still in place, that is going to help prospective buyers to see your home value as higher than a home that has an older model or less efficient solar panels on the home. Quality matters.
Take a look at comparable homes
A home solar system is a significant investment. To find out what it can do for you, speak to local real estate agents about what they are seeing within your local market.
What are comparable homes to yours with solar panels selling for? Are there many people making an investment in solar energy in your area? Also, consider whether there is surplus electricity produced and sold back to the utility company, as that could also help to increase the market value of the home.
Let Our Team Help You With the Process
Solar panels can be a very positive investment, and solar panel installation by our team at SmartSolar can be easier to do than you realize. To learn more about energy savings and the benefits of adding solar, contact us now.