Over two million homes in the United States have rooftop solar panels, and many more homeowners are considering solar as an option for their homes. Homeowners are motivated to save on utilities and add value to their property. The big question is, do solar panels increase home value? As premier Houston solar installers, we hear questions regarding solar panel systems and home value all the time, and we wanted to quickly address the most common FAQ regarding solar panels and home value.Do solar panels increase home value? The short answer is yes! However, several factors influence the potential added value. the property for sale itself, there are many considerations to factor in before creating an accurate assessment of how solar panels impact home value. Let’s explore some of the reasons solar panels can increase home value.
How Can Solar Panels Increase Home Value?
Solar Panels Can Decrease Utility Costs
Decreasing utility costs using solar panels can increase a home’s value. CNBC reports that the increase in value for homes with solar panels is potentially 4.1% over comparable homes that do not have solar panels. These statistics are dependent on the market location, of course.The average home saves $10,000 – $30,000 in energy costs over the lifespan of a solar panel. In the current market, buyers are looking for ways to save on utilities while purchasing homes that will retain or increase value. Solar panels are an excellent choice for homeowners staying in their homes or planning to sell.
Solar panels keep your home cooler in the summer, and when appropriately installed, they may also extend the life of your roof! The condition of a roof can increase or decrease the value of a home by affecting the home appraisal during an inspection. Extending the lifecycle of your roof can increase your home’s value; without the headache of needing to replace the roof or repair it before placing your home on the market.
Do Solar Panels Increase Home Value? – Own vs. Lease
It’s better to own your solar panels to increase your home’s value instead of leasing them. Prospective homebuyers like owning the money-saving equipment on their new home and not being forced into a leasing agreement they didn’t initially approve of in the first place. Do solar panels increase home value? Yes, they can; although some variables will affect how much they can impact the bottom line/selling price. For example, location, federal and state tax credits, and varying utility costs affect their total value. However, one thing remains consistent: added value.Are you looking for information about renewable energy for your home? As one of the premier solar companies in Houston, we’d be happy to educate you on Texas solar. Contact Sunshine Renewable Solutions, today!