Solar Panels Increase Home Value

Solar Panels Increase Home Value

Alternative Energy

Why do so many people choose to go solar each year? In a recent study done by the Solar Energy Industries Association (SEIA), “In the last decade alone, solar has experienced an average annual growth rate of 33%…. there are now more than 121 gigawatts (GW) of solar capacity installed nationwide, enough to power 23.3 million homes.”[1]

This mass migration to solar energy may be due to homeowners about caring for the environment or saving money on their energy bills… However, many folks often install solar panels to raise the value of their property. If you are already an expert on all things solar, then you know how much value can be added to your home. Want to go solar and potentially increase your home’s value by up to 4%? Contact us today!

Panels may have an undeniably sleek appearance when installed by a well-trained solar company such as Momentum and provide immediate curb appeal. While solar panel systems are undoubtedly appealing, let’s get down to business about finances.

How much do they increase the value of your home?

Smaller Environmental Footprint, Big Increase in Home Value

On average, solar panels raise a home’s value by 4.1% across the United States. Some locations show a higher value, like residents from New York City who see an average increase of 5.4%.[2] For every kilowatt of solar power installed, you raise your home’s potential value by approximately by $5,911.

For example, your home’s value can raise roughly $23,000 if you install 4kW.1

Not only does installing solar panels on your home increase its resale value, but it can also 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.[3]

Can I Sell My Home with Solar Panels?

What happens if you put solar panels on your house and decide to relocate later? Fortunately, studies show that homes with solar sell faster and for higher closing prices than comparable ones without solar.[4]

“For example, more than 80% of homebuyers say that energy efficiency is a priority, according to the Zillow Group Consumer Housing Trends Report. Some earlier data from the National Renewable Energy Laboratory shows that homes with solar panels sell 20% faster and for 17% more than those without.”1

You’re not only increasing the value of your home, but you’re also raising “comp” prices throughout the neighborhood.

What Happens if You Leased Your System?

If you’re thinking about leasing your solar panel system, you might be wondering if it’ll lower the value of your property and reduce the chance of selling it. There’s a fear that potential buyers will be scared away from buying a home because they are unwilling or unable to take over the lease of the panels.2

Fortunately, most of these worries have been unwarranted.

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

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 2,000 people nationwide. Founded in 2009 with a handful of hardworking employees in a tiny New Jersey warehouse, we quickly expanded due to our unmatched quality, seamless project management and smile-inducing customer service.

We’re an owner-operated industry leader dedicated to our customers’ experience and providing affordable energy options homeowners nationwide.

For more information on how we can help, please call 1-888-MOMENTUM.

 

 

 

 

[1] https://www.seia.org/solar-industry-research-data

[2] https://www.ecowatch.com/solar/solar-panels-increase-home-value

[3] CNBC- https://www.cnbc.com/2019/10/05/solar-power-can-boost-a-homes-value-in-these-10-states-the-most.html#:~:text=Installing%20solar%20panels%20in%20a,valued%20home%20in%20the%20U.S.

[4] Energy Sage-https://news.energysage.com/selling-a-house-with-solar-panels-lease-or-loan/

Find Out if Switching to Solar is Right for You

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