Solar panels have a reputation as a clean, reliable source of power. Installing solar panels for your home can save you money, and it’s great for the environment. But how will it affect the value of your home?
You might think they would harm the home’s value, but you would be wrong. Solar panels are great for the value of your home. In fact, they can raise the value of your home by thousands of dollars.
What makes solar panels so good for resale value? Let’s take a look at why they have a positive effect.
Benefits of Solar Panels for Home Value
Solar panels and home value go hand in hand. There are several reasons for this increase in value. The most obvious would be the environmentally friendly nature of solar panels.
As the environment becomes more popular for many people, a home with solar panels becomes much more appealing. However, even for people where that isn’t an issue, solar has many benefits that raise your home’s value.
The biggest benefit of solar is energy independence. A home with solar panels isn’t beholden to energy companies. This is a big plus for homeowners, as utility companies are notorious for poor consumer policies.
Then there’s the fact that solar panels can store energy that isn’t being used. This means that homes with solar panels have access to backup energy in the event of a power outage.
However, solar will only increase the value of your home if you’ve already fully paid off the panels. If the solar panels are still in the process of being paid for, they offer no real increase to the value of your home.
Similarly, if you are leasing solar panels, they add nothing to your home’s value. Since a leasing agreement means that you’re essentially renting the panels, they aren’t included in the value of your home.
However, if you have finished paying for them, they can increase your home’s value by a sizeable amount. Studies have shown that solar panels can provide a 3-4% increase in the value of your home.
On average, your home’s value increases by $4 for every watt of solar power produced. An average home solar system generates six kilowatts. This brings the added value of your home up to $24,000.
Install Solar Panels on Your Home Today
Solar panels are a great source of power for your home, and they’re only increasing in popularity. Not only do they provide immediate benefits, but the value they add to your home makes them a great long-term investment.
The average solar panel cost is relatively cheap, and many governments and municipalities have incentive programs to help push people towards solar. All of this makes solar an affordable investment in your home. If you’ve been on the fence about solar power, make the jump today and see the benefits. And if you have any other questions about lifestyle and tech topics, check out the rest of our site. We have great articles to help with any questions you may have.