When contemplating going solar, homeowners have many questions on their minds. After all, switching to solar energy is neither easy nor cheap. One of the questions a lot of people have when it comes to solar power is: do solar panels increase home value?
This question is a valid one, as people have to pay a lot to get the panels installed in the first place. Expecting them to add at least some value to their homes is understandable. Read on to find out the answer to the question above, and see if going solar is a good idea.
So, Do Solar Panels Increase Home Value?
According to The Office of Energy Efficiency and Renewable Energy, installing solar panels does indeed increase the value of your home. Their data shows that people are willing to pay a premium of up to $15,000 for a home with solar panels. These panels are only average-sized, so the size does not matter in this case. The office predicts that this premium will only increase in the years to come, as more and more people invest in renewable energy.
An important thing to mention is that you will be able to get more money for your home only if you own the panels yourself. If the company that installed them owns them, they will simply make a contract with the new homeowner and continue the partnership that way.
Whether solar panels will increase the value of your home mostly depends on the person who wants to buy it. There are two main reasons why solar homes might be more desirable to buyers: they come with lower utility bills, and they are eco-friendly.
Lower Utility Bills
According to estimates, you can save up to $200 on your monthly utility bill when you have solar power. This number translates to $2,400 a year, which is a great sum. Potential buyers pay attention to such things as they want to save as much money as possible.
Solar panels also require virtually no maintenance, so the money you save on utility bills can be used for other important things. Another question that a lot of buyers ask is whether your house has a good net metering policy. That will save any excess energy your panels create that you don’t use immediately. You will then be able to use that energy on cloudy days or during winter. Such things help potential buyers opt for your home quickly.
Investing in Green Homes Has Become Popular
Recently, with the surge of natural disasters caused by climate change, the need to be more eco-friendly has arisen. People are willing to invest more in green homes, i. e., those that have solar panels or use wind energy. What makes these types of homes desirable is the fact that they reduce your family’s carbon footprint.
Data shows that an average American home produces 14,920 pounds of CO2 every year. This number is even higher in some cases if a family uses more electricity. Solar panels generate energy without any harmful gas emissions, which means that your CO2 footprint is virtually zero. In a time when we need to do everything to preserve our planet, that means everything.
So, do solar panels increase home value? Though the answer to this question seemed complex in the beginning, now it is quite simple: yes, they do. Solar panels reduce your utility expenses and your carbon footprint, and that makes your home more desirable to buyers. Ultimately, going solar is a good investment, whether you are planning to sell your home or not.