Whether you just bought a house or you want to have some upgrades, you’ve probably considered going green. Maintenance and upgrades of your property can enhance your lifestyle and help improve your property’s market value. If you want to save money, installing solar panels can be your first choice.
As we know, there are many advantages of using solar power for your home, and grid independence is one of the most attractive advantages. Like any other home upgrade, it is always critical to consider your financial investment ahead.
Let’s get to the point. Do solar panels increase our property values?
Why Choose Solar Panels?
Installing solar panels in your home is much more likely to improve the value of your property. What’s the reason behind this trend?
The residential industry is going “smart,” electricity fees weigh heavily on everyone’s monthly bill. If the cost of using electricity can be reduced by using solar panels, buyers will favorably consider your property when there is an offer for sale.
Studies showed an average increase in the resale value after the installment of solar panels. The specific number will be different for varied installations and areas. In the United States, the average increase in resale value is between $4020 and $5911 for installing 1 kW of solar panels. Therefore, the value of home resale can generally recover the value of the solar installation.
How can solar panels reduce electricity bills?
Solar Panels Produce Electricity: It’s common knowledge that solar panels acquire energy from the sun (free clean energy). When the solar panels connect to your electrical wiring, the system will be using electricity from the panels instead of the one provided by the utility company. That is the basic idea behind saving energy bills.
Solar Panels Produce Excess Electricity: Every second under the sun counts for solar panels to generate electricity. The excess energy can be saved in your local grid or stored in your home energy battery. So, when the sun goes down or any power outage happens, the stored electricity can power your home safely.
Buyers Favorably Consideration
Having solar panels installed on a home can make it sell more quickly. When people are looking to buy a house, the electricity bill will be an essential factor to consider. When assessing the property’s long-term financial value, the solar-ready home is more likely to attract buyers.
“Installing solar panels is viewed as an upgrade,” noted by The National Renewable Energy Laboratory, homebuyers are willing to pay a reasonable price for economic and environmental benefits of a “greenhouse.” The lower monthly energy bills can have a faster return on the initial investment. Thus, homeowners are encouraged to purchase a solar panel system for their properties, which they can expect to add a sizeable percentage to their property value.
Seller Advantages of Installing Solar Panels
To make the properties’ value stand out over comparable non-solar homes, installing solar panels will be a great choice for homeowners. Many financial benefits including:
- State rebates and incentives
- Federal solar investment tax credit (ITC)
- Grid-independence with the sustainable and cheaper solar power system.
Moreover, installing solar panels has its perk in the real estate market:
- Higher price than the comparable non-solar property
- Solar-home is viewed as an upgrade by potential buyers
- Solar-home always sell faster than others
- Solar investment 100% return after the home sold
Not for Sale Only
The value of installing solar panels is not shown only when you sell your house. Over the years, the savings from electricity bills not only can recap the cost of the installation but also there will be the benefit of future savings.
Factors of Solar Panel Added Value
Many factors can influence the added value of your property from installing a solar panel.
- Country region
- Electricity local price
- Solar panel installation price
- Frequent power outage
- Age of solar panel systems
- Power generation rate
Here in nRuiT, we are an energy storage battery manufacturer that focuses on residential and commercial storage batteries. Our solar panels combined with energy storage batteries provide solutions for both buyers and sellers. For improving home value, choose nRuiT products.