People are talking about solar power. A lot. It seems like everywhere that you turn, you see it in the news, online, and most importantly, you see it on people’s homes. As it increases it becomes more common in the United States to use solar panels to power homes, it only grows clearer that investing in solar power is a smart idea. This we already know, but what many do not realize is the extra value that it holds for you home — energy bills aside. It’s very simple how solar panels increase your home value.
How Solar Panels Increase Your Home Value
In an increasingly energy-efficiency-conscious country, prospective home buyers find energy efficient homes more attractive. Solar panels and low electricity costs come in a package. If your house is on the market and it has solar panels, you can expect it to sell 20% faster than normal and for about 17% more money, according to a National Renewable Energy Laboratory (NREL) study.
Furthermore, many factors can affect how much more you can earn for your home and the rate at which it sells including:
- Your home’s location — If your home is in an area like Los Angeles where solar is popular, you can expect a higher return on your installation. The housing markets here are more exposed to solar, therefore the demand for solar is higher.
- The range of value your home falls in — If your home tends to fall in the range of higher-valued homes, you’re more likely to see a higher return on your installation.
Regardless of how much return you can get on your home’s value for installing solar, with a 17% increase on average, you will see a return.
For more information on solar installation consultations, try getting a free evaluation here.