Every big investment starts with someone considering the possibilities and asking some exploratory questions. All property owners must do due diligence before beginning an improvement project, but homeowners have the most at stake. Naturally, you want to know how much solar panels increase home value when you go solar. The lasting market value of a home with a new solar panel system is proven both by data and talk among real estate agents.
A few years ago, the average listing price of solar-powered homes valued around $15,000 more compared to nearby non-renewable counterparts. Those figures, although very favorable, were actually quite modest.
New research conducted in part by the Department of Energy, together with a well-respected realty firm, Redfin, focused on sale prices in the northeast. In some under-served cities, solar panels increase home value by nearly $99,000!
How is that possible?
Going solar is no ordinary investment. Getting your own renewable energy system and freeing yourself from your independence on fossil fuels will be a game-changer for you, as a homeowner. Between reduced monthly energy bills, tax incentives, and resalable solar energy credits, any prospective buyer would do well to take on the energy-producing system. Whether you borrowed a secured (or unsecured) loan, the experts will handle it for you.
Listing a home equipped with solar panels brings about a positive response; the array sets your home apart from other listings, adding to your home’s appeal. More and more, local governments are doing what they can to facilitate local energy independence. Forward-thinking counties have amended their property assessment code to make exemptions for green energy builds, as not to penalize new builds. Another way local governments help property owners is by limiting homeowners’ associations’ power to have policies limiting solar energy builds.
What if I decide to sell before the system is paid for?
If you’ve never known anyone who has bought or sold a renewable energy system in repayment, you may be apprehensive. Bear in mind that people oftentimes sell homes that are still in repayment. Accommodating an outstanding solar energy loan is another service your realtor and their legal help will handle for you.
What about damage to the roof?
The installation is not apt to cause leaks in your roof. The design engineers and Installers will minimize the number of attachments when installing the racking which supports the panels, and all attachment points are flashed and sealed to be watertight. In fact, the panels protect most of the roof’s surface from the Sun‘s UV rays and moisture. Once in place, you’ll have clean electricity for 25 to 30 years.
Shouldn’t I renovate the kitchen or bathroom first?
In the past, popular wisdom about home renovations suggested that doubling down on curb appeal or updating floors and fixtures will ensure that your home stands apart in the market. This advice predates solar panels and their significant impact. The most logical improvement to make first is the one that will provide surplus cash in your monthly budget. The only exception might be a solar lease, which offers slightly lowered bills, but lacks all of the long-term advantages of owning the means of production, and some homebuyers are leery of purchasing a home with equipment on the roof that is owned by others.
Real estate is one of the most diverse markets in the country, but the fact that solar panels increase home value is well documented. Besides having superior return on investment, solar energy projects are eligible for lower-cost loans than you could access for other less resilient improvements. Besides, once you start saving with solar, you can use the extra funds to make those other cosmetic improvements.