Solar Panels Increase Property Values
Going Solar Helps Home Value By 3-4%
If you’re a property owner who brought solar technology into their home, you’re in luck! You will not only recoup your initial investment but also receive a premium that will increase your ROI. According to a study sponsored by the U.S. Department of Energy, real estate buyers are willing to pay more for a solar-sustainable home. It was also concluded that the presence of solar panels could increase a property’s value by 3-4%.
Not only that - the National Renewable Energy Laboratory predicts that every $1 in electricity savings (from your solar panels) adds $20 to your home’s total value. In addition to earning a higher market price, solar panels can help sell a property faster.
How much the value will increase depends on these factors:
Installations in highly-active solar markets like California, Arizona, North Carolina, and New Jersey may yield higher returns compared to installations in less developed markets. In addition, states that offer high renewable energy cost incentives, like Washington, add to the ROI.
Size of Solar System:
A property value increase is also based on the number and quality of PV panels installed. The size of a solar energy system has a direct influence on the amount of electricity it can produce.
Can your property value increase if you lease your solar panels?
Installing solar panels on your home can increase its value, but only if you own the system. Most studies about solar and home values focus exclusively on owned solar energy systems.
Solar home technology is one of the most secure investments that let you enjoy savings throughout its 25 to 30-year lifespan. Recognizing that it increases property value, the real estate industry is working to identify better methods to accurately determine the market value of solar systems. Here at Sun Path Electric, we provide the best assistance so homeowners can maximize their solar system investment when the time comes to sell.