Few people are aware that by installing solar panels in their home, they are also essentially boosting the value of their home. By offering something that many other homes in the market lack, you greatly increase what prospective buyers are willing to pay for your property.
When it comes to real estate listings, many people have the misconception that costly upgrades like installing extensive landscapes and swimming pools give the property a “wow” factor. However, the truth is that these upgrades will incur maintenance costs even as homeowners enjoy those benefits. In comparison, solar panels instead help to reduce energy costs in the house, which can be especially enticing for property seekers. Read on to find out more about how installing solar panels affect the value of your home.
How Exactly Solar Panels Increase Home Value
Based on the information provided by the National Renewable Energy Laboratory (NREL), every dollar that is saved through solar energy increases a home’s value by approximately $20. That gives you a return on investment by as much as a ratio of 20 to 1.
In addition, Zillow, an American online real estate marketplace, found that homes with solar panels installed typically sell for a price approximately 4% higher than other homes without solar panels. This comes as no surprise, given the increasing demand for renewable energy. Apart from the emphasis on green living, using solar energy also help homeowners to reduce money spent on energy and gives them better control in managing their energy costs. As such, even buyers that aren’t interesting in going green will be interested and drawn to homes with solar panels. However, one should note that the estimated value of solar panels differs depending on local markets. Solar homes in certain cities are deemed to be more valuable. As such, you should research the prices of solar homes in your area to accurately understand the impact of solar panels on the value of your home.
Not only does solar homes will help you financially, but they also help you to save time. A separate done by NREL found that homes that have solar panels installed sold about 20% faster than homes without solar panels. Of course, this would also depend on how rare solar homes are in your area. By selling your property quicker, you can save on mortgage costs and also reduce the likelihood of having to settle the exchange below your asking price.
The Lifespan of Solar Panels
If you own an existing solar panel, you might wonder how much it has depreciated after years of use. Solar panels don’t generate electricity forever, and industry-standard solar panels have an average lifespan of approximately 25 to 30 years. If you are planning to install solar panels in your home, this information can help you effectively plan for when you eventually want to sell off your home.
If you are looking for reliable solar power solutions, we highly recommend that you consider and get a free quote from Solar Energy Solutions of America today.