How Solar Panels Can Increase Home Value
Are you thinking of switching to solar?
If you ask the over 2 million U.S. households that have installed solar, they’ll tell you solar power is the best thing that ever happened to them! Installing solar panels reduces or eliminates a household’s energy bill, and for those that want to reduce their carbon footprint, there isn’t a cleaner way to power up a home.
But solar power offers another important benefit: it can increase home value.
Did you just ask how mere solar panels can do that? If you did, keep reading!
The Demand for Sustainable Homes Is on the Rise
More than 60 percent of Americans want to lead sustainable lifestyles. For many, this means living in eco-friendly homes.
What’s more, the vast majority of these people are millennials, who now comprise the biggest group of prospective homebuyers in the U.S. These buyers are looking for energy-friendly homes. This has created an increased demand for homes with solar power systems.
An increase in the demand for an item typically results in an increase in its price. In the real estate market, the value of homes that’re equipped with solar power has increased compared to similar-sized homes that don’t have solar power.
So, if you’re currently looking for ways to increase the value of your home, it’s time to look beyond the kitchen and bathroom upgrades. This isn’t to say that those upgrades aren’t important, but installing solar panels could be the upgrade the yields the biggest return on investment.
The Desire to Eliminate Energy Bills
Spending about $115 every month on electricity isn’t something most Americans are happy about. With the COVID-19 pandemic leaving the economy in ruins, most people are looking for ways to cut down their expenses.
Solar power can eliminate your energy bills completely. When you install enough solar panels to power your households’ energy consumption, you won’t need to rely on electricity sold by energy companies.
Prospective homebuyers know that solar-powered homes come with the prospect of zero energy bills. These are the kinds of homes they want to buy. They don’t want to buy regular homes and take on the responsibility of installing solar panels.
This has added to the rising demand for solar homes, which has seen their values soar.
How Much Value Does Solar Add to a Home?
Solar increases property value, but by how much?
A Zillow survey established that solar will typically add about $9,000 to the value of a home, but a lot depends on location and other factors. In a state, like Missouri, where homeowners with solar can earn money if they produce more solar power than they consume (net metering), expect homes to gain more value than the national average. Blue Raven Solar has more information on the benefits of solar power for Missouri homeowners.
Solar Does Increase Home Value
If you’re a homeowner and weren’t convinced about switching to solar, perhaps the fact that it does increase home value can provide the inspiration you need to switch. The demand for solar homes is only getting hotter. The sooner you switch, the more valuable your home will get.
Keep reading our blog for more home tips.
