By switching to solar power, you can pay yourself even more than just lowering your electric bill. Solar panels increase your home’s value.
There have been countless studies comparing the sales of solar versus non-solar homes. The outcome is always the same – homes with solar sell for more money.
But how? And why do buyers pay more for homes with solar?
There are multiple benefits from having solar on your roof, but the main reason: solar panels generate energy for you while saving you money. In addition to the environmental benefits, you will save money each month on your electric bill. You will benefit from solar incentives (which vary by state) that can earn you even more savings. You will also receive a federal solar tax credit which can save you thousands of dollars on taxes each year.
How much do solar panels increase your property value?
A study published by The Lab called Selling Into the Sun analyzed sales of solar-equipped homes in eight different states over 11 years with the goal of determining how much value solar adds to the home’s final sale price. They found that on average, homebuyers are willing to pay approximately $4 per watt of install solar capacity. This means that for a standard 6-kW solar system, you can add up to $24,000 to your home’s resale value.
The value you can add to your home may vary. Reach out to us today to speak to an expert about adding solar panels to your home.