Do Solar Panels Increase the Value of a Home?
As solar panels continue to gain traction and popularity, you will find that homes with existing solar panels are popping up in your searches. But are homebuyers willing to spend more on a home with solar panels? Of course, everyone wants to save on monthly utility payments. And in many cases, it is cheaper to buy a home with existing solar panels than it is to install them yourself.
4 Factors that Go into the Value of a Home with Solar Panels
Do solar panels increase the value of a home? The answer is yes! Across all states and climates, homebuyers will pay an average of $15,000 more for a home with existing solar panels. Let’s look into some of the details that go into that value:
- The Age of the Solar Panels: Older solar panels do not save as much electricity as newer units. So the value of your home will rely on how new or old your solar panels are.
- Solar Battery System: If your solar panels come with a solar battery system, that will increase the value of your home. Batteries provide flexibility in storing electricity for power outages.
- Solar Rented or Owned: If the solar panels are rentals, they will not add value to the home as they will be uninstalled upon the sale of the home. Solar panels will only increase your home’s value if they are owned.
- Difference in Electrical Bill: Depending on the area you live in, you may be able to prove significant monthly savings in the electrical bill. This will raise the value of the solar panels on your home.
While solar is a significant investment, the good news is that the returns on your investment are undeniable. Of course, people want the newest and greatest technologies when buying a home, and that’s how solar panels will set your home apart if you list it for sale.
You don’t have to guess how much your solar panels will raise the value of your home. Instead, meet with an expert to find out the estimate for your solar panels in your area. New Day Solar can talk about the short-term return on investment with your solar panels in your utility bill. And we can also discuss the long-term benefits regarding the increased value of your home. So give us a call: (855) 444-6329.
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