Installing solar panels on your home opens up a world of benefits. You gain access to renewable energy for your living space and help make a difference as a greener part of your community. In addition to the environmental benefits of solar, there are also significant financial bonuses.
Demand for solar among homeowners and homebuyers continues to grow, and with good reason. Rising energy prices force people without solar to live at the mercy of the energy market. That electricity bill is likely to keep going up in the future, making solar installations increasingly more sensible. Having solar means your energy bill savings will likely be more meaningful with each passing year.
Plus, upfront installation costs of solar can often be offset at least in part by rebates and tax incentives.
Solar panels on a rental property can even benefit tenants by providing lower energy bills.
On top of energy bill savings, there can be added financial benefits from installing solar panels on your home. If you decide to sell your home, buyers will notice the solar panels. The question is, do solar panels increase home value?
Do Solar Panels Increase Home Value?
As more people want solar, that also includes homebuyers. This is where solar can add to the appeal of your home. The fact is, solar panels do increase home value significantly.
How much do solar panels increase the value of your home? Estimates vary, and the real estate market changes all the time. Still, the generally accepted figure found by a Zillow study is 4.1%. You read that right. Solar panels increase home value by over 4%. That’s a significant number that gets more powerful as property values rise. At that rate, solar panels would increase the value of a $300,000 home by over $12,000. A 2015 Berkeley study found that solar panels increase home value by an average of $15,000 for a typical solar panel system.
Another way to look at how much solar panels increase home value is by the energy produced by a solar panel system. The more panels you install, the more value you add to your home—up to a point. You should only install the amount of solar power necessary to meet your home’s energy needs. Excess panels don’t tend to impact home value.
Learn More About the Benefits of Solar
Getting solar for your home makes more sense all the time. Your choice to install solar makes a real difference, from saving money on energy bills to making a solid contribution to the environment. Learn more about the many benefits of solar and how much you can save.
Contact Smart Wave Solar today!