Can Solar Panels Increase Home Value?
Filed under: Solar Installation
Have you come across a home with solar panels when shopping for homes? They are rare in some areas, but when you find a home that already has the panels installed and racking in the savings, it’s not something most homebuyers would pass up.
The truth is that solar panels do increase home value. This is because homebuyers calculate the monthly savings of utilities into their home price and are willing to pay a premium for a home with existing solar panels. In addition, homes that have solar panels sell much more quickly than homes without solar energy.
Home Values by the Numbers
For every $1 in yearly utility bill savings, the home’s value increases by $20. For example, if you save $1200 per year in utilities, the home’s value will increase by $24,000. When it comes time to sell the house, these savings will pay for the solar panels altogether.
When you make an investment in your home by purchasing and installing solar panels, you take on the significant price to experience savings in utility payments and reduce your carbon footprint. So now that you know your investment will pay for itself when it’s time to sell the house, what’s stopping you?
Most homebuyers consider solar panels an upgrade when they are house hunting, similar to an updated kitchen, a brand new master bathroom, or a finished basement. These upgrades are worth an increased sell price because of the benefits you get to enjoy once the home is yours.
Unbeatable Return on Investment
While a renovated kitchen or bathroom makes the home beautiful and energy-efficient, the monetary savings do not compare to what solar panels provide. Each month, you will save 80% of your utility bill by having solar panels on the home. You would not get that in any other home, which is why people are willing to pay a premium price for homes with solar panels.
You can count on a return on investment when you sell a home with solar panels. Our team at New Day Solar can offer more details related to your home and the potential increase in value. Call for an initial meeting to learn more at (855) 444-6329.
