As a homeowner, you undoubtedly have a long list of home renovations you would like to make. However, if your power bill is exorbitant, or you simply want to help the environment, you may have considered solar panels.
There are several advantages to using solar energy, and it’s a wonderful idea to generate your electricity without relying on the grid. However, like with any home renovation job, it is critical to consider the long term before making a significant financial investment in your house.
So, let’s get right to the question! Do solar panels increase home value?
Do Solar Panels Increase Home Value?
The short answer to the question is, yes! Did you know that solar panels in a home has the potential to boost the value of a property by up to 4.1 percent more than comparable homes without solar panels. This relates to an additional $9,274 for the average-priced home in the United States. Let’s look at some of the reasons for this:
Buyers See the Benefits of Solar
When buying a property, buyers factor in utility expenditures. That means they’re more willing to pay a premium for a solar-ready house.
Solar panel installation such as done by, Blue Raven Solar installation, is considered a home renovation, and homeowners throughout the country are willing to pay extra for the advantages of a solar home.
Increased Added Value as a Result of Using Solar Energy
The added value of solar energy varies by market. Factors affecting the value added by solar panels include:
- The region your house is in
- Electricity prices in your area
- Costs of solar installation
- Environmentally aware neighborhood
- The occurrence of power disruptions
- The age of the solar system
- The amount of electricity generated by the system
- The state incentives
All the above factors impact on the value added to your property at the time of sale.
Incentives for Installation of Solar Power
Let’s compare non-solar homes in your community with homes that have solar power. In addition to raising the value of their homes, people who buy solar power systems are also getting a lot of other financial benefits such as:
- Rebates and incentives given by the state
- Solar investment tax credit at the federal level
- Using a renewable energy source to replace grid power
You should take into account that prospective purchasers will want confirmation that the system is working effectively and that it is saving money on electricity. Therefore, it’s important you learn how to keep track of the money you save on your power bill.
Let the Sun Shine On Your Home!
So, do solar panels raise the value of a home? The general view appears to be that installing home solar panels is a good investment that will increase home value. However, as previously noted, there are always additional aspects to consider while investing in your property in the hopes of earning a return on investment.
Use the power of the sun for your own good!
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