Solar Panels and Your Home Value
If you’ve been considering making the switch to solar, you might’ve found yourself asking the same question that many homeowners wonder about: do solar panels increase home values? In most cases, installing solar panels will not only lower your utility bill but also increase your property value. While changing housing costs, the current real estate market, and other factors always play a role in determining property values, Vision Solar is committed to helping customers maximize their home’s value and energy savings with every installation.
How Much Will My Property Value Increase?
Ultimately, the amount by which solar panels increase your home value depends on three key factors, including:
- Location: More active solar markets, like the one in New Jersey, yield higher returns than those in less developed markets.
- Installation size: The more photovoltaic (PV) solar panels you install, the greater your home value will become.
- Prior home value: Larger properties tend to receive higher nominal property value boosts, but smaller homes receive larger percentage-based increases in value, making solar panel installation a smart choice for almost any homeowner.
To determine just how much people are willing to pay for homes with solar panels, several studies have been performed all across the United States. According to one analysis performed by Zillow, homes with solar panels garnered an additional 4.1% in sales over houses without them. For the median-valued homes in their examination, this percentage totaled around $9,274. Additional research has also shown that for each kilowatt (kW) of solar installed, your home’s resale value can increase by approximately $5,911. Of course, these amounts will vary from home to home, especially depending on the three factors mentioned above. But even so, the money you will save from going solar combined with your home value increase combines to form a rewarding sum.
As a helpful way to estimate your home’s new value, the National Renewable Energy Laboratory (NREL) found that for every dollar you save on your energy bill by installing solar panels, $20 is added to your home’s total value. So, for example, if solar panels save you around $80 a cycle, then you’ve added about $1,600 in value to your home. With savings as reliable as these, there’s never been a better time to make the switch to solar.
Can Solar Panels Make My House Sell Faster?
As if savings weren’t enough, according to the NREL, homes with solar power systems sell 20% faster than those without them. By reducing the amount of time your home is on the market, solar panels help reduce the amount of paperwork you’ll need to do, potential fees you’ll have to pay your real estate agent, exposure, and more. So if you find yourself in a buyer’s market, investing in solar panels could make buyers more likely to choose your house over others.
Invest in Solar Power Today
With so much data showing that solar power systems increase home values, the choice is clear. Start cashing in on the solar power advantage by contacting a Vision Solar representative online or by phone at 877-449-3101. We not only engineer but also permit, install, and activate the solar panels you order from us within 30 days, so you can start reaping the benefits of solar as soon as possible. Ready to get started? Request a free quote now.