Some homeowners are concerned about the effects solar panels could have on their home and property values. These homeowners ask such questions as “Will the look of solar panels decrease my home value?” or “do solar panels add value to my home?”
So, let’s answer the question most homeowners want to know: Do solar panels add value to your home?
YES, SOLAR PANELS ADD VALUE TO YOUR HOME
Believe it or not, solar panels have been shown to increase home and property values.
Multiple studies have shown that homes with solar panels sell for more money. These include a study from the real estate website Zillow, as well as a Department of Energy-sponsored study by the Lawrence Berkeley National Laboratory.
The study by Zillow found that homes with solar panels sold for an average of 4% more than homes without solar panels.
The study by the Lawrence Berkeley Laboratory found similar results, with the average solar households selling for $15,000 more than households without solar panels.
WHY DO SOLAR PANELS INCREASE HOME VALUE?
There are several reasons why homes and properties with solar panels sell for more money.
The largest reason why solar homes and properties sell for more money is because of the savings potential. Homes with solar panels can produce their own electricity, which is a large monthly expense for most households. Being able to save that money each money leads to homebuyers paying a premium for solar panels.
This home value increase is even more prominent in areas with high electricity costs. If a household is being charged more per kilowatt, the potential cost savings from solar panels is even greater.
Another reason home values increase with solar panels is because of an increase in environmental concern. Many individuals and families are increasingly concerned about the future of the planet and environment, as well as the future they will leave for their children and grandchildren.
To these individuals and families, solar is not just about financial benefits, but also the opportunities of future generations. To be able to do their part in creating a better future comes with a price they are willing to pay.
BE SURE TO OWN YOUR SOLAR PANELS
The increases in home and property values from solar panels is only realized if you own your solar panels. If you lease your solar panels or are part of a power purchasing agreement (PPA), you do not own the solar panels, and therefore the solar panels do not lend value to your home.
Get your free solar analysis today to see if solar makes sense for you. Contact Green Ridge Solar today!
You can also use our Solar Calculator to estimate your solar savings.