Thinking about getting solar panels? Everyone knows that solar energy is a smart way to reduce your environmental impact and lower your energy bills, but have you ever thought about the connection between solar panels and home value? Solar panel installation could be an excellent investment that helps you to make huge savings over the long term while also adding value to your home.
So, if you are considering solar panels for your home then read on to discover how this could add value to your property.
Why Solar Energy Adds Value
So, why exactly do solar panels add value to your home? It is evident that people are realizing the importance of taking action to reduce their environmental impact. This has been highlighted by the shocking climate events around the world and recently by Cop26. This means that people will be looking for ways to reduce their impact and solar energy is one of the most effective ways to do this.
On top of this, solar panels for the home are a desirable feature because they can help people to reduce or even eliminate their electricity bill. This will only become more desirable with rising energy costs as solar panel installation can protect you against these rises. These are the reasons why solar energy has become a major trend in the real estate market in recent times.
How Much Value?
The big question is “how much can solar panels add to home value?”. This is not a straightforward answer as it will depend on your geographical position, local solar panel installation costs, system output and system age. As an in-demand feature, you might find that solar panels can drum up competition and add even more value while making it much quicker and easier to find a buyer.
One study found that properties with solar power sold for 4.1% more than those without. For a median-valued home, this equates to $9,274. This is a significant amount and, when you consider the savings that you can make, it is clear that solar panel installation is a sensible investment.
Solar Panel Installation
In terms of solar panel installation, you will want to find an experienced solar company in your area. They will be able to tell you how much money you can expect to save and how much value it could add to your home. Although the cost of solar panel installation is high, keep in mind that there is a 25% federal tax credit and there may be other incentives depending on where you are.
On top of this, most systems pay for themselves within a few years. This means that you are able to generate free, clean electricity for many years and this will add a significant amount of value to your property.
The Connection Between Solar Panels & Home Value
The connection between solar panels and home value is clear. This is one of the most in-demand features in today’s property market both as a way to reduce environmental impact and save money over the long term. How much value solar panels add depend on a few factors, but it should prove to be a smart financial investment.
Check out our other home improvement articles for more ideas on how to add value.