How Solar Panels Can Increase Your Home Value?

Granted, installing a creature comfort such as a swimming pool to your property adds the wow factor that may just tip the scales for a home buyer. But a pool costs a tidy sum to install and maintain. Thus, while the perceived value of your home has gone up, your actual expenses would increase.

Unlike pools, solar panels are a one-time investment that leaves more cash in your pocket over the long term. As such, consider consulting a reputable Tampa solar company if you’re looking to upgrade your home and enhance its value. 

That aside, as solar panel technology improves, it becomes more financially viable for the average person. In California, for instance, new homes must have solar panels installed – according to a new regulation that went into effect in 2020. Consequently, you’re already ahead of the curve if you live in the state and have solar panels installed in your home.

So, let’s address the question on everyone’s mind: do solar panels increase your home’s value? YES. How, you ask? Let me walk you through the process -stick around to find out. 

1. Energy Efficiency

Solar panels work by converting the sun’s energy into electricity. In so doing, they help power up your home by providing renewable energy.

Meanwhile, what do you think is one of the elements prospective clients look for when shopping for a home? Take a guess… well, it’s the property’s energy efficiency. 

No one wants to get stuck with a high energy bill, and with solar panels, you’re guaranteed to have lower energy costs. And since going green is all the rage, installing solar panels on your property shows you’re keeping up with the trends and care about being eco-friendly.

When homebuyers see that your property is equipped with solar panels, they know they’ll save money on their monthly energy bill. And that’s just one selling point of solar panels that can help increase your home value.

In fact, a report by CNBC shows that 80% of homebuyers prefer properties with energy-efficient features. This explains the premium homebuyers are willing to pay.

And as more people become more environmentally conscious, this number will only grow. So, if you’re looking for an upgrade that will make your home more valuable now and in the future, solar panels are definitely it.

2. Low Maintenance

While some home buyers may be reluctant to purchase a home with solar panels because they perceive them as complex or challenging to maintain, the truth is that solar panels are pretty low-maintenance. All they require is an occasional cleaning to remove dirt or debris that may have accumulated on them.

3. Sale Price

According to a solar study conducted by Zillow, a leading real estate website, installing solar panels on your home can increase its value by 4.1% in Florida compared to homes without them. This translates to roughly $9,200 for a median-valued home in the state.

While this number may vary depending on the location of your home, it’s safe to say that solar panels can increase the sale price of your home. And in some cases, homes with solar panels have sold for as much as 20% more than expected.

The National Renewable Energy Laboratory (NREL) corroborates these findings by noting that a property’s value rises by $20 for every dollar reduction in the solar system’s annual energy costs. That isn’t something to sneeze at, right?

4. Reducing Dependence on The Grid

Investing in solar energy means your home can be less reliant on the energy grid. This is a big selling point for a variety of reasons.

For starters, in case of an energy outage, your home will still have power as long as the sun shines. And in the event of a natural disaster, your home will be less likely to lose power. This means your family will still be comfortable and safe. 

Plus, using solar panels can take advantage of net metering. This policy allows homeowners with solar panels to sell their system’s excess energy back to the utility company. So, not only will you incur reduced energy costs, but you could also make some extra cash. And if prospective homeowners value independence, your home will definitely appeal more to them.

Similarly, a home with solar panels is better at finding a new owner than one that relies on the grid. According to NREL, the former sells 20 percent faster than the latter – implying you can save time and money by making your house more attractive to buyers. Thus, installing solar panels would be wise if you’re contemplating selling your home. 

Undoubtedly, solar panels can increase the value of your home in various ways. Thus, they are a worthwhile investment if you’re looking for an upgrade that will pay off in the long run. What’s not to love?