Thinking of going solar? You’re not alone. As environmental consciousness grows and energy prices fluctuate, many homeowners are exploring the benefits of solar power. But beyond the environmental and financial advantages of generating your own electricity, there’s another potential perk: increased home value.
Studies consistently show that homes with solar panels can sell for more than those without them. Several factors influence the impact solar panels have on your home’s value:
- Location: The current and projected electricity prices in your area significantly impact the perceived value of solar panels. In regions with consistently high electricity costs, solar power offers greater financial savings, making it more attractive to potential buyers.
- System size and quality: A larger, well-maintained solar system will naturally translate to greater potential savings and, consequently, a higher perceived value.
- Market demand: Areas with a high concentration of environmentally conscious buyers will likely place a greater premium on homes with solar panels.
The Numbers: Quantifying the Increase
While the exact impact varies, several studies offer valuable insights:
- According to the National Renewable Energy Laboratory (NREL), your home value increases by $20 for every $1 you save on energy bills. For example, if your solar energy system saves you $700 per year, the value of your home increases by $14,000.
- Real estate agents and home appraisers have found that this also increases your market value when selling your home. A 2021 Zillow housing trends report found that 67% of homebuyers considered energy efficiency to be a “very to extremely important” inclusion for a potential home.
- Homebuyers are willing to pay $15,000 or more for a solar powered-home, according to a large-scale solar home study conducted by the U.S. Department of Energy’s Lawrence Berkeley National Laboratory (Berkeley Lab).
Investing in the Future:
Even if the immediate increase in your home’s value isn’t substantial, solar panels offer long-term benefits that can attract potential buyers:
- Reduced reliance on the grid: With rising energy costs, buyers appreciate the predictability and potential savings associated with solar power.
- Increased sustainability: Environmentally conscious buyers are more likely to be drawn to homes with sustainable features like solar panels.
- Modernization: A well-maintained solar system can enhance the curb appeal and modern feel of your property.
The Takeaway: A Smart Investment
While the exact increase in home value can vary, solar panels offer a compelling combination of financial and environmental benefits for homeowners. By lowering your energy bills, increasing your home’s sustainability, and potentially attracting a wider pool of buyers, solar panels can be a smart investment in your home’s future. Start your solar energy journey with ECOcentrix Energy Solutions today. Give us a call to discuss the benefits of the Inflation Reduction Act at 314.246.0116 or visit www.ECOcentrix.co.
