Examining the Impact of Solar Panels on Property Values
Say so long to keeping the lights on the old-fashioned way, guy! Traditional electricity sources, like fossil fuels, ain't exactly helping our planet fly right. Plus, with the average electric bill on the rise by a projected 1.3% between 2021 and 2022, free energy from the sun sure sounds sweet. And let's not forget about those federal tax credits, either.
But what about your pockets? What's the deal with solar energy boosting your property value?
Solar Panels: A Home Value Game-Changer
In short: hell yes. Solar-powered homes can bring a nice bump to your home's value. In fact, research by Zillow found that in 2019, homes with solar systems sold for 4.1% more, roughly $10,000 for a median-priced home. Reckon about that!
Why? Well, it's a no-brainer that prospective buyers are going to be just as keen on solar power's cost-saving and eco-friendly perks as you. By installing solar panels, you're showing them that they'll rake in a quicker return on their investment, all while keeping the Earth a little greener.
What Causes Solar to Make Your Home Worth More?
It's not always a guarantee that adding solar panels will lead to increased equity, but several factors play into the equation. Here's what you need to know:
Location, Location, Location
Electricity prices vary by state, so you might see less demand for solar panel systems in shoddier states where prices are on the lower side. However, incentives for going solar might differ based on location, too.
Grid Reliability
In regions with weaker electrical grids, solar-boosted homes could be worth more because they offer stability and juice during power outages. Solar systems with batteries provide a consistent source of power when the grid kicks the bucket.
Size Matters
Larger homes often fetch more cash on the market, and larger homes with solar panels are likely to enjoy a similar increase in value. But remember, larger houses tend to have higher energy consumption, which could mean a smaller solar system won't be able to fully keep up.
Age of Panels
Newer solar panels are usually more efficient and reliable than older models, which consequently leads to a greater value increase. Additionally, newer panels usually require less maintenance and have longer warranty periods.
Energy Savings: The Secret Sauce
Ultimately, the solar panel system's primary objectives are to save energy and decrease your utility bills. The more the solar panels reduce the meter's spinning, the greater value they bring to your property.
Solar Homes Sell Faster, Baby
Although various factors can impact how quickly a house sells, when there's a solar-powered home on the market, buyers who are looking for green living are more likely to snatch it up like hot cakes. Some estimates suggest these eco-conscious buyers are 20% more eager to close the deal. So, if you don't want your property to linger on the market, try installing solar panels to get a faster sale.
Big Solar Installations Don't Always Bring Big Bucks
It might seem weird, but today's studies show that larger solar installations don't always generate a proportionate increase in property value. The good news for home sellers is that as long as the solar-power system can meet the home's energy needs, it will still provide a value increase big enough to cover the installation cost. No need for over-the-top arrays, mate.
Get Your Solar Game On
If you're ready to jump on the solar train, 8MSolar, North Carolina's top-rated solar panel installer, is here to help you out. Our crew of experts will guide you through the whole process, helping you figure out the best payment methods and panel configuration. Plus, our installation pros will handle all the paperwork, permits, inspections, and even deal with your HOA.
Ready to slash your carbon footprint, save some dough, and boost your home value? Solar power is the way to go. 8MSolar's panels come with a 25-year, 92% guaranteed-output warranty, ensuring you or your future buyer can enjoy top-notch solar performance for years to come.
Ready to catch the solar wave? Connect with us today for a free consultation.
- By installing solar panels, you're demonstrating to potential buyers the opportunity for cost savings and environmental benefits, potentially boosting your home's value.
- According to a Zillow study in 2019, homes with solar systems sold for 4.1% more, approximately $10,000 for a median-priced home.
- The location of your home plays a role in the value increase for solar panels, as electricity prices vary by state and incentives can differ based on location.
- In regions with weaker electrical grids, solar-boosted homes may be worth more because they offer stability and power during outages.
- Larger homes with solar systems might enjoy a similar increase in value, but it's essential to consider that larger houses tend to have higher energy consumption.
- New and efficient solar panels tend to lead to a greater value increase due to their reliability, low maintenance requirements, and longer warranty periods compared to older models.
- The energy savings achieved by a solar panel system have a direct impact on its contribution to property value, as the reduction in utility bills increases its value.
- Solar-powered homes sell faster than traditional homes, particularly to eco-conscious buyers, who are 20% more likely to close a deal quickly. However, the size of the solar installation does not always correlate with a proportionate increase in property value.
