Your Home Value Guide to Investing in Solar Power
When selling your home, one of the top 10 things that can devalue your house is your competition. If your home is comparable to others on the market, it will be harder for you to find a buyer.
One way to stand out in the housing market is by having solar panels. Not only can investing in solar power help you sell your home faster, but it can increase the price.
What should you know about home value when it comes to solar panels? Keep reading to find out.
Will Investing in Solar Power Increase Your Home Value?
In most cases, investing in solar power will increase your home value. However, there are circumstances where solar panels aren’t right for your home. RoofTec has a multitude of options to help with your roofing project.
These factors will influence how many solar panels increase your home’s value:
- State and city
- Cost of electricity in your area
- Size of your solar installation
- Age, type, and warranty of your solar panels
- How much energy the solar system can save
Let’s dive deeper into these factors to get a better understanding of the benefits of solar in your area.
In areas where home buyers, lenders, and appraisers are more familiar with this home technology, the more value they provide.
The upfront costs of home solar power can lead to a return on investment down the line depending on the cost of electricity in your area. Some cities offer cheaper utility prices in which it won’t make sense to opt for solar panels to save money.
Solar Installation Size
The number of solar panels that your roof can hold correlates with your home’s post-installation property value. The more solar panels you have, the more your home value will increase.
However, you’ll only need a certain amount of solar panels depending on the production capacity needed for the size of your home.
Solar Panel Quality
If you are placing your home on the market and hope to increase the value based on your solar panels, you should describe the solar system thoroughly in the description.
The manufacturer you choose and the warranties they provide will play a role in how much your home’s value will rise.
Average Energy Use and Savings
When investing in solar power, you’ll want to calculate energy consumption to understand the home value increase. The value will also depend on the area’s electricity costs.
When the price of energy goes up in your area, the value of your solar panels does as well.
Calculating your daily or monthly energy usage can also help you estimate how many solar panels you’ll need to fully power the home. You can compare your panel estimate to the average resale value in your area.
Understand more about the cost of solar at https://blueravensolar.com/cost-of-solar/.
Is Solar Energy Valuable to You?
Increasing your home’s value has many benefits even if you aren’t planning to sell it anytime soon. Solar energy is valuable to a lot of homeowners because it can increase home value and decrease energy costs.
Various factors affect how a solar panel installation can benefit your home. Before investing in solar power, understand your current energy costs and the total cost of ownership of a solar system.
To get a clear picture of the advantages, talk to the solar experts. For more on technology, including the use of solar panels, check out other posts on our blog.