Have you ever wondered: “Do solar panels increase home value?” Well, short answer: yes. But how greatly they can increase your home’s value can depend on a number of factors like where you live and the size of your installation.
Curious how much your home could be worth after installing solar panels? In this article, we’re covering everything you need to know about installing panels. Including how much they can increase your home’s value by, and the things you need to know before installing them.
What You Need to Know About Solar Panels
Did you know consumers are becoming more and more concerned about climate change and their carbon footprint? In fact, 68% of electric power buyers have expressed concern about this issue, as well as interest in greener energy options.
But what many homeowners are starting to realize is that installing solar panels can actually impact your home’s resale value. Although by how much can vary depending on a variety of factors.
Where your home is located as well as whether or not it’s in an environmentally conscious community can greatly affect the impact of solar panel installation. The local price of electricity and the amount of energy generated can also determine the overall value add of an installation.
The average solar panel system size is roughly 6 kilowatts, which means that a standard system would cost you about 12 thousand dollars. While that may seem expensive, the cost of solar panel systems has dropped over the past few years, most likely due to the growing popularity of it.
The cost of solar panels generally depends on how large your home, and how much electricity you’re looking to generate. Bigger systems cost more because they require more equipment and labor effort to install it.
It’s important to know, however, that there is a federal solar tax credit that can reduce the cost of your system by as much as 30%. And many states will even give you a rebate and tax incentives for installing a system.
Prices can vary greatly depending on where you live, and it’s hard to determine how much a solar panel will cost before speaking with an expert. So, if you are interested in installing solar panels, reach out to an expert electrical company.
Do Solar Panels Increase Home Value?
At first glance, you may be wondering if installing a solar panel system is worth it given the price tag. But research has shown that installing solar panels can greatly increase your home’s property value.
In fact, it’s reported that on average that your resale value is close to $6,000 for each 1 kilowatt installed. The increase can depend, however, on factors like where your home is located and how big it is. States with active solar markets yield higher returns, and larger homes generally see a bigger return of investment.
For many potential buyers, a solar system represents a home upgrade just like an added room or renovated kitchen. Solar panels can also be more cost-efficient than other electrical options, which can be enticing to potential buyers.
And beyond that, solar panels represent a commitment to clean energy alternatives, which is becoming increasingly important for all Americans.
Ready for Solar Energy?
More than ever before, clean energy matters. So, why not invest in clean energy efforts that will reward you and your wallet? Now that you know, “Do solar panels increase home value?” you can see that installing panels for your home is the best decision.
Looking to install solar panels? Need expert assistance? Contact us to get started!