One of the age-old promises of the solar industry is that installing solar panels will save homeowners money. However, homeowners may also wonder whether solar panels can earn money too.
Specifically, you may wonder whether your solar panel installation will increase your property value. After all, the average cost of solar panels falls around $15,000-$20,000. Will this investment help your house accrue value?
The short answer to this question is yes. Solar panels can appreciate your house’s value, but the question is, by how much? Furthermore, will solar panels also affect how fast your home sells? We’ll answer all these questions and more in this guide! Keep reading to find the answers you need.
How Much Does Installing Solar Panels Increase Your Home Value?
Several studies demonstrate that houses with solar power systems sell for more money than those without them. In 2019, Zillow reported that homes with solar panels sold for 4.1% more money on average. For the median-valued house, this percentage translates to more than $9,000.
Other studies yield different figures. For example, the Lawrence Berkeley National Laboratory that you could see a $5,000 resale value increase. This increase applies to every kilowatt of solar panels installed.
Another factor to consider with these studies is that they report national averages. Some locations yield higher returns than others, which we’ll discuss in the next section.
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Factors Influencing Solar Panel Advantages
As you can see, solar panels generally increase your home value by a significant margin. However, several factors can affect the specific amount your house garners from these panels.
First, there’s your geographic location. Geography can affect how much sun exposure your home gets. Climates like the Pacific Northwest’s often render solar panels less efficient.
Similarly, different areas experience varying electrical costs. These costs can create enhanced value for homeowners when they install solar panels.
Another factor is the local solar installation prices in your area. If buyers can save money by purchasing houses pre-equipped with solar panels, it can cause your value to increase.
How much do solar panels cost in your area? This sum can vary depending on the installer rates around you. Check out this link to get an idea of the best rates: https://blueravensolar.com/michigan/home-solar-panel-installation-in-detroit/.
Do Buyers Want Homes with Solar Panels?
Another question that many homeowners ask is, “Do buyers want a house with solar panels?” The evidence suggests that this is the case.
Houses with solar panels sell faster than homes without them. After all, these systems could save the buyer thousands of dollars each year on electric bills.
However, some factors could affect this. For example, buyers may look askance at panels that will require replacement soon.
Find the Solar Panels You Need
Installing solar panels can have many benefits for your household. In nearly every case, installing solar panels can increase your house’s value. The only question is, how much will it add?
The best way to find this answer is to find the best solar panels for your home! Talk to a solar panel installer to discover what value this can add to your house.
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