Whether you’re considering selling your home in the near future or you simply want to make sure you are making an investment that will pay off over time, it’s important to consider the value of adding solar panels to your home.
For most people, the obvious financial benefit of solar panels is the reduction in energy costs. However, you may also want to consider how solar panels will impact your home value.
Does Solar Increase Home Value?
Solar has the potential to significantly increase your home’s overall value. Average electricity costs in Las Vegas can climb to over $300 per month during the hottest months of the year. Solar panels on the home can substantially decrease those costs and make many buyers feel much more confident about their future energy prices. If you assume an average of $250 in energy costs per month over the course of the year, that could mean $3,000 or more in savings each year.
Home value, on average, increases by $20 for every $1 reduction in energy costs due to the addition of solar panels to your home. That means that, depending on your system, you could see a substantial increase in your home’s value — and a decrease in your costs for as long as you live in your home — by installing solar panels.
In addition to helping to save on your overall heating and cooling costs, keep in mind that many buyers are looking for eco-friendly homes and solutions, which may make them more likely to choose a property that has solar already installed.
How the Age of Your Panels Impacts Home Values
Solar panels have the potential to transform the way potential buyers look at your home. However, they may not always offer the substantial increase in home value you’re looking for when the time comes to sell.
As your solar panels age, they naturally grow less efficient. That means that they may no longer produce the same amount of energy, and you may not reap the same benefits when you decide that you want to sell your property. On the other hand, if you sell your property soon after adding a solar installation, you may not have the chance to fully reap those benefits.
Leasing vs. Owning
Some homeowners choose to lease solar panels, rather than buying them outright. In order for buyers to continue to use their installations, they may need to keep up with the lease, which can further decrease the value added by those solar panels. You will also need to provide information about the lease and its terms to all interested buyers so that they have relevant information that can help them determine if they want to continue with the lease.
Install Solar Panels on Your Home and Reap the Benefits
There are a number of reasons why you may want to add solar panels to your home, from cutting your energy costs to becoming more eco-friendly. For many buyers, the increase in home value is just a bonus. Are you ready to install solar panels on your home? Contact us today to learn more about our solar solutions and their potential benefits.