How Does Solar Impact My Property Value?
When you live in a location that receives frequent sunshine, it's tempting to think about solar panels as an investment opportunity. After all, with such great sunlight year round, why wouldn't your home see the benefits of installing solar panels?
Switching to solar panels is an efficient way to save on energy costs. After the initial investment, solar panels will save you money every month on your energy bill.
Yes, solar does impact property value. And when thinking about investing in solar panels for your home, you need to know what those implications are and how they will impact your property value.
In this blog post, we'll give you the information you need to decide whether or not installing solar on your property is worth it!
Solar Power Can Boost Your Property's Value
Powering your home with solar energy is a fantastic way to reduce current monthly utility bills, and you can even increase the value of your home by up to 4.1%.
According to recent solar research by Zillow, solar-powered homes are worth an additional $9,274 on average compared to similar homes without solar panels. Not only can you save money each month, but you could also make an additional profit if you plan to sell your home in the future.
Are Buyers Looking For Solar-Powered Homes?
The increased interest in and demand for solar-powered homes has driven up prices as buyers are willing to pay more money for the long-term benefits of a lower electricity bill.
According to research, home buyers are willing to pay more for homes with solar panels - something that many people had long suspected to be true. Buyers were willing to pay an extra $15,000 on average for a home with a 3.6 kW solar system. The excitement of having a smaller or eliminated electricity bill is a huge draw for potential home buyers, so if you're selling your house, be sure to highlight this feature!
Factors That Determine the Value Add of Solar Panels
Many factors influence the added value of solar energy, which can vary depending on the market. Major factors that affect the value added to a home by solar panels include:
- Region of the country
- The local price of electricity
- Solar installation prices
- System replacement value
- The environmental consciousness of the community
- Frequency of power outages
- Age of solar system
- Solar system size and output
- State Incentives
- Local understanding of solar technology and its benefits
Homeowners, Did You Know You Can Get Incentives for Installing Solar Panels on Your Property?
Homeowners consider solar panel installation a long-term investment that will continue to pay off financially. Homeowners considering solar energy should know that not only will their home's value increase, but many financial benefits come along with solar panel installation.
These benefits include state rebates and incentives, the federal solar investment tax credit, and replacing grid electricity with affordable and sustainable options.
As a seller of a solar property, you'll enjoy plenty of advantages in the real estate market, such as:
Buyers will see you as an innovative, forward-thinking homeowner who is concerned about his or her carbon footprint. Your home will have a higher asking price than comparable properties without solar panels, and potential buyers will see your solar panels as an upgrade.
You will get a 100% return on solar investment upon home sale. Homes with solar panels often sell more quickly than those without solar panels.
Take Charge of Your Energy Needs
You should be in control of your purchase journey, and that's why we've made it easy for you to get an instant solar quote.
At SolarQuote, we understand that going solar is a big decision. That's why we give customers the power to choose what works best for them every step of the way.
With our easy-to-use online platform and unique AI design tool, you can select your system size, solar panels, backup battery, and financing options - all from the comfort of your own home.
Making the switch to solar has never been easier.
