Installing Solar Panels can boost your home's property value.
BY HOW MUCH DOES SOLAR INCREASE YOUR PROPERTY’S VALUE?
The National Renewable Energy Laboratory offers a useful guide when determining how much your property’s value will go up. According to its research, each additional $1 in energy bill savings (from your solar installation) adds $20 to your home’s total value.
This rule of thumb varies depending on a number of factors, including:
The property value advantages of solar energy only increase as you scale up. Installing 5kW of solar panels adds an average of $29,555 to the retail value of a medium-sized home. It’s important to note that these statistics only apply to today’s housing prices and utility rates. As electricity prices go up (as they most certainly will), the advantages of solar energy rise proportionally as well. In addition, installing solar panels not only helps you fetch a higher asking price, but it can also help your home sell 20% faster as properties without solar installations. For homeowners who want to reduce exposure, paperwork, and wait times, this can be a huge advantage – especially in today’s sluggish housing market.
PUTTING IT ALL TOGETHER
Installing solar panels is one of the safest and wisest investments you can make. You enjoy electricity bill savings over the 25 – 30 years of your solar PV system’s lifetime. As utility rates increase, those electricity bill savings grow increasingly large with time. Even if you never sell your home, your installation fully pays for itself many times over. If you do decide to sell, you fetch a higher premium, which again, more than covers the upfront cost of installing solar panels. In other words, with the right-sized installation, solar energy is an investment that potentially pays a 200%+ return – far an excess of most any other financial vehicle you can imagine. And unlike most investments on the market, you actually begin enjoying those returns on Day 1.