Solar Panels and Property Value

Did you know that on average, a solar system adds about $15,000 to a home’s value? You can sink money into building a pool or adding a new addition to the home, but consider an amenity that saves you money with little upkeep. Solar panels!

You may already know the environmental benefits of going solar, as well as the money you can save. But will solar panels improve your home’s property value? The short answer is yes, but that value will vary depending on a few aspects of your solar panels.

If you want your house to sell fast when you put it on the market down the road, solar panels are a great way to make that happen. Let’s look at the main factors that determine how much property value solar panels can add to a home.

Size, Age, and Cost of Solar System

When it comes to adding solar panels, go big or go home! Or rather, go big for your home. You’ll want a solar system large enough to power the entire home so you can stop relying on a utility company for electricity. But generally speaking, the more solar panels you have, the more value for the home.

Consider how long you plan to own your home before adding solar panels. Solar technology is developing rapidly, so your panels may be outdated 20-30 years from now. Older panels create less energy, but they are still very valuable and useful!

Consulting an expert on solar panels and home value is your best bet. You’ll want to compare the cost of each solar panel to how much money you’ll save or make in return. If solar panel installation is costly in your area, you’ll want to ensure the investment is worth it.

Energy Produced by Solar Panels

The size and age of your home’s solar system go hand in hand with the amount of energy produced. And solar panels are powerful enough to produce excess energy that your home won’t use! You can sell your excess solar energy to your local utility company for a profit.

So if you have a larger system with the capability to produce excess energy to store and sell, your property value increases. More specifically, the property value increases by $20 for every dollar saved on energy bills.

Efficiency Upgrades Combined With Solar Panels

Energy efficiency technology is making waves in more than just solar panels. Energy-efficient appliances and lighting are designed to work even better when powered by solar energy. So if you combine your solar system with an upgrade on appliances, lights, and insulation in the home, the value goes up.

Location: Electricity Costs and Solar Access

Lastly, consider your home’s geographical location. Are you located in an area with plenty of access to sunlight? Is your state or county known for high electricity costs? If you answered yes to both, then adding solar panels will be valuable.

The higher the electricity costs in your area, the more your solar panels are a perk for potential buyers. They can skip the high costs and say hello to solar energy year-round. But if your home won’t get much sun exposure throughout the year, the property value will be lower.

Solar Panels Add Property Value

Solar energy is the future of energy. And it’s now more accessible than ever! Now you know why adding solar panels to your home can be a worthy investment. Take these factors into consideration when analyzing your home’s exact potential property value.

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