We already know the benefits that solar panels offer to our homes in terms of energy: they cut down on monthly bills, give back into the local energy grid, save you money, and are, of course, great for the environment. However, have you ever considered what solar panels can do for your home’s value?
No matter how long you plan on staying, solar panels can be significantly beneficial for the home’s value, which will help you immensely come selling time. According to a study conducted by the Berkeley Lab in 2015, there was a proven correlation between solar panels and higher home values—not just in California, but in other states as well. Buyers, it seems, are willing to pay more if there’s a built-in bonus of energy independence. And why wouldn’t they?
The main factors that affected how much value a solar panel added to your home included age, system size, and neighborhood dynamics.
For age, the newer the system, the better. With size, a smaller system captured more value. And in terms of the neighborhood, a more left-leaning area is sure to benefit more from these value spikes.
Then there’s the factor of the existing value of your home: higher-valued homes grow in value faster than lower-valued homes; that’s just how the markets work. And whether you own or lease the solar panels is also something to consider: homeowners are more likely to respond to panels that are owned, as it shows longevity and a track record of success.
If you have any questions or concerns about what solar panels can do for the value of your home, feel free to contact us today at Empire Clean Energy Supply! We are happy to help evaluate your clean energy needs and provide quick turnaround times with all our products.