You may not be ready to sell your home now, but you know the time will come in the future. When preparing to sell any type of property, many tasks must be accomplished to enhance its value, like upgrading the landscaping, making necessary repairs, and giving the walls a fresh coat of paint. But what about adding solar panels? As the solar power industry continues to expand, the addition of solar panels to your home may pay off more than you think. Here, Vision Solar explains why, so you can start maximizing your home’s value.
Backed by Research
It depends on the size of your home, location, and how many solar panels are installed on your property, but a host of research points to solar panels adding value to a home during the selling process. For instance, the National Renewable Energy Laboratory found that for every dollar saved on your energy bill following the installation of solar panels, your home’s value increases by $20. That means if you save $100 on your energy bill, you can add $2,000 to your home’s appraisal value.
Other data shows that the more solar panels you have on your property, the higher your resale value will be. In the case of a medium-sized home, 5kW of solar panel energy can equate to an average of nearly $30,000 in additional home value. While exact numbers will vary from home to home, Vision Solar will guide homeowners through the process and help them decide whether this is the right move for them.
Quite the Selling Point
Installing solar panels doesn’t just mean enjoying savings on your energy bills until you move. It’s also a stellar selling point for potential buyers, as they know they’ll also be able to reap the financial benefits solar panels provide. With an average lifespan of up to 30 years, solar panel systems attract future residents to your home, as they know their energy bill savings will last for decades to come.
In addition, data has shown that installing solar panels enables many homeowners to sell their homes up to 20% faster. While a quicker turnaround may not be what equates to a higher price tag for your home, less time on the housing market means you won’t have to decrease your price in an effort to entice buyers to commit. It also means you’ll spend less money on marketing efforts and house listing websites to get the word out about your solar-powered home.
A Worthwhile Investment
As every penny counts when selling your home, adding solar panels can prove to be a worthwhile investment. When you consider the added value that solar brings to your final selling price, it’s safe to say that installing a solar panel system offers a better return on investment than any other upgrade to your home. And even if you remain in your home for your lifetime, the savings incurred thanks to a solar panel system will far exceed your initial investment, saving you tens of thousands of dollars in the long run.