Do Solar Panels Increase Your Home’s Value?
Each year, more and more people are making the switch to solar, but why? It may have to do with helping the environment or lowering their utility bills… but oftentimes, homeowners go solar to increase their home’s value.
When installed correctly by the right solar company, panels have an undeniably sleek appearance that can add instant curb appeal. While solar panel systems are clearly aesthetically appealing, let’s get into the nuts and bolts about money.
How much do they increase the value of your home?
Let’s Talk Numbers
On average, solar panels raise a home’s value by 4.1% across the United States. For example, that’s an increase of $9,274 on a $226,000 home according to a study done by Zillow. Not only does installing solar panels on your home increase its value by an average 4.1%, it can essentially pay for itself through federal and state tax credits as well as lower utility bills. It’s easy to see why homeowners are making the switch.
Can I Sell My Home with Solar Panels?
What happens if you install solar panels on your home and you have to move later down the road? Fortunately, studies have shown that homes with solar tend too sell faster and for higher closing prices than comparable homes without solar.
“In a study conducted by the Lawrence Berkeley National Laboratory, researchers found that potential homebuyers were willing to pay more for homes equipped with customer-owned solar. In fact, they discovered that homes with the average PV system in their sample size (3.6 kW) sold for a premium of $15,000 across different states.”2
To put it simply, if you wish to own your solar panels and are looking to sell your home, going solar can help. Not only are you increasing your home’s value, you are helping the entire neighborhood by raising “comp” prices.
What Happens if You Leased Your System?
If you have considered leasing your solar panel system, you may have wondered if this could decrease your home’s value and lessen the possibility of selling your house. There is the worry that potential buyers will be deterred from purchasing a home because they are unwilling or unable to take over the lease of the panels.2
Luckily, many of these concerns have been unfounded.
A recent study in southern California analyzed homes that had been sold with a solar lease or solar power purchase agreement (PPA), “Most participants saw no impact on their home sale value as a result of their lease agreement. Researchers also found that 77 percent of the leases were successfully transferred to the new property owner…”2
Not only is going solar great for the environment, doing so can help the homeowner’s bottom line through utility bills and home value.
Long story short – don’t let a potential future move prevent your solar panel purchase.
Momentum Is Here to Help
Momentum Solar is one of the fastest-growing solar companies in the nation employing over 2000 people nationwide. Founded in 2009 in a New Jersey warehouse, we quickly expanded due to our unmatched quality and customer service. We’re an owner-operated industry leader that is dedicated to the customer experience as we provide affordable energy options to qualified homeowners.
For more information on how we can help, please call 1-888-MOMENTUM.
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