Increase your home’s value by going solar
It’s clear that solar panels are a good investment when it comes to saving money on your monthly electric bill as well as helping the environment. But did you know that solar panels also increase the value of your home? Let’s go over the reasons why.
Solar panels are a selling point
Homes that have solar panels installed are a great selling point when it comes to putting your house on the market. Here’s some of the research to back up this claim.
In 2015 the Department of Energy and Berkeley Laboratory conducted a study and their findings were pretty amazing.
- They analyzed nearly 4,000 homes with solar panels.
- The study was conducted in 8 different states.
- They found that buyers are willing to pay an extra $12,000 to $15,000 for a home with just an average sized solar array.
- If you have a larger array, you may even be able to get more than that.
On average, solar panels add $20 of value for every $1 you save on your electric bill. So if you saved $200 a month on your electric bill with solar panels, you’d have an additional $4,000 of value added to your home.
According to a comprehensive report done by the US Department of Energy and National Renewable Energy Laboratory (NREL), they found that:
- Each additional $1 in utility bill savings from your solar installation can add a whopping $20 to your home value.
- Homes with solar arrays sold 20% faster, and for 17% more.
Here’s more data from Zillow research that shows homes with solar panels installed sell on average for 4.1% more. And it varies depending on where you live.
Best states for selling a home with solar panels
Here are the top 10 best states for selling your home with solar panels:
- New Jersey: 9.9% or $32,281 for the median-valued home.
- Pennsylvania: 4.9% or $8,589 for the median-valued home.
- North Carolina: 4.8% or $8,996 for the median-valued home.
- Louisiana: 4.9% or $7,037 for the median-valued home.
- Washington: 4.1% or $15,916 for the median-valued home.
- Florida: 4% $9,454 for the median-valued home.
- Hawaii: 4% or $24,526 for the median-valued home.
- Maryland: 3.8% or $10,976 for the median-valued home.
- New York: 3.6% or $10,981 for the median-valued home.
- South Carolina: 3.5% or $5,866 for the median-valued home
What does this mean for your home?
Overall, houses with solar panels are more likely to be purchased faster and for more money. Now you’ll be able to use the extra cash for a Hawaiian vacation. After all the work of selling a home is over, you’ll deserve it. Developers have even begun to build houses with solar panels already installed in the hopes it will appeal to potential new homeowners.
An ever increasing number of homeowners are investing in solar panels. Solar panels can help save money on energy costs, and as fossil fuels become scarcer, the cost of grid-produced electricity will only become more and more expensive. The perks of going green and the financial benefits are making more people consider adding solar panels to their homes.
Do solar panels increase home value? The good news: there’s a good chance they will. Whether you’re a homeowner or a potential buyer, no doubt this question has crossed your mind. It also doesn’t hurt that persistent power outages in recent years have made solar a more attractive power option. A solar energy system (along…