Do Solar Panels Increase Your Home’s Value?
Homeowners are aware that increasing the value of their homes is a top priority, and solar panels are one of the most researched home improvements across the nation. Solar power currently accounts for only 3% of US energy production, but this number is expected to grow as solar initiatives become cheaper.
Do solar panels increase the value of your home, and if so, by how much? Let’s explore!
Solar panels are in greater demand than ever, and you may be wondering if they add value to your house and whether the investment is worth it. The figures vary in terms of how much value your home will gain by installing solar panels.
According to the National Renewable Energy Laboratory, every dollar saved on electricity costs increases your home’s value by $20. Zillow investigated how much solar increases home value and found that solar-paneled homes see 4% higher prices. However, the actual value added will depend on various factors that go into determining your home’s worth.
Solar panels can also vary by region. They generate more electricity in states with more sunshine, but contrary to popular belief, they still work in cloudy conditions. It is evident that solar power can increase the value of your home, no matter where you live.
What Factors Affect Solar Panels?
Solar panels increase the value of your home by a certain amount, with the most valuable states being California, Colorado, Massachusetts, New Mexico, and Oregon. New York, Los Angeles, and Phoenix are among the cities that generate the most power through solar energy.
Several factors can affect your return on investment for solar panels. The location is one such factor, as some communities have better power generation than others, and electrical costs also vary between communities. The cost of solar installation is not standardized across the country, and the price of a new system will give you an idea of how long it will be before your investment in solar pays off.
Larger systems generate more electricity, and the value of your home will increase if you invest more in a larger system. The age of the system is also a factor, as older systems may require repairs or replacements. The difficulty of finding replacement parts can also influence the value that a buyer will give your solar panel system.
This post was written by Daniel Massaad, owner and expert solar technician at Energy Solutions Direct! ESD is one of the top solar panel companies in Florida! Our licensed and certified contractors are masters of their craft; with years of experience servicing the great Tampa Bay area and beyond, the choice is simple. ESD excels at offering you the best in solar value!