Solar panels offer many advantages for homeowners including substantial savings on utilities. You might also be wondering how solar panels will affect the value of your home. One thing’s for certain, having solar panels won’t bring your home value down. Here’s what you need to know about how solar panels affect home values.
The Green Revolution
In recent years, people around the world have become markedly more conscious of the environment. As a result, many people have become interested in the potential of more renewable and sustainable energy sources including solar.
Not only are solar panels better for the planet, but they’re also better for your electric bill! Your bill will go down considerably if you have solar panels installed on your property. Generally, you should aim for powering your entire home with solar panels, but for most folks, that will take time. If you can’t afford to put in that many solar panels all at once, just put in what you can afford and keep adding to the system as time goes on.
How Solar Panels Affect Home Values
Solar panels affect home values in a number of ways. A variety of factors determine exactly how much value they add to any given property.
Other factors include the size of the installation in relation to the home. For example, is it a large array of solar panels powering a small home or is it a small set of panels with a large home? The amount of the home’s electricity that is provided exclusively by the solar panels makes a big difference in how valuable they make the property.
A 2013 study found that potential home buyers are willing to pay $15,000 more for a home with solar panels when considering average-sized homes. A separate study found that solar panels increase home values by 3-4%.
And when it comes to selling your home, your home value isn’t the only benefit. The amount of time it takes a house to sell once on the market is also affected, with homes having solar panels selling 20% faster on average.
Invest in Quality for the Highest Return
One of the biggest factors in how much value solar panels can add to a home is the quality of the panels themselves. Skimping on your solar panels might sound like a good way to save money, but it’ll end up costing you more in the long run. If you buy inferior solar panels you’ll run into a couple of hiccups. Firstly, it’s technically going to cost you more per panel to get the same amount of electricity. Secondly, cheaper inferior solar panels are much more likely to break down sooner. This can be even more expensive if they give out after the warranty has expired.
Speaking of warranties, make sure you get one on your solar panels! Never plunk money into solar panels that don’t come with a warranty.
The Bottom Line, It’s Worth it
By and large, solar panels are worth the investment as long as you live in an area that gets plenty of sunlight, choose high-quality panels, and get a warranty. All of these factors taken together can make a huge difference in the value of your home.
Don’t just do it for the planet, do it for yourself, and for the incredible value that it can add to your home. If you’re looking to sell your property farther down the line, you can make a tidy profit, especially if the warranty on your solar panels is still in place at the time of the sale.
If you’re considering solar for your home, don’t hesitate to get in touch with us, we’d love to answer any questions you have!