Can Solar Increase Home Value?
By Canopy Solar
One thing you want for your home as a homeowner is constant improvement. While there are many improvements to consider as an investment for your home, adding solar panels is a great choice trending today. Installing a solar energy system is more advantageous for those whose electric bill is on the high side.
Solar energy offers several advantages. It feels great to be in control of your electricity generation. Other than this, you are not paying for fuel but leveraging solar energy, always-in-abundance energy.
The question is, do solar panels add to my home’s value? Will solar increase my property’s value? We have done the research and have the report here.
Does Solar Energy Add to My Home’s Value: Facts
According to the Office of Energy Efficiency and Renewable Energy, homes and properties with an average-sized solar energy system are priced $15,000 above properties without the system.
However, there have been controversial feedbacks against what the Office of Energy Efficiency and Renewable Energy released. Some homeowners and agents say the value that solar energy adds to homes is low and far from $15,000.
For instance, Michael Miller, an experienced agent in Sacramento County California, says not all buyers appreciate the solar on a property. He says while some buyers value solar and are ready to pay huge for it, others don’t acknowledge its value.
Another reason solar may not add to a home’s value is that not all solar systems are the property of the homeowner. Some solar panels are not the outright properties of the homeowner because they are leased. Other than being leased, the owner may have purchased the system with a loan, which creates a lien on the property. As such, if your solar system is leased, don’t expect it to add much value to your home, especially if you haven’t made much payback on the solar system.
This kind of arrangement has also made buyers to shy away from buying homes with solar panels.
Factors That Determine What Value Solar Panels Add To Your Home
Certain factors contribute to what value solar adds to your home. They include:
The type of solar panels: the silicon panel (monocrystalline and polycrystalline) and thin-film solar panels.
Solar system options: There are also two options here: grid-connected system and off-grid system
Cost of the solar system: Different factors contribute to the cost of your solar system. One is the type of system you choose, your location, and the size of the system.
Maintenance: How well you maintain your solar panels contribute to the value it adds to your home when you are ready to sell it out. Though this system requires little maintenance, the cost of cleaning solar panels stands between $150 and $330.
Conclusion
With the available information from studies made, we can conclude that adding a solar electric system to your home increases its value. However, the value varies from individual to individual.
It is worth mentioning that you should go for an expert solar installation company when planning to increase your home’s value with a solar system. Canopy Solar is a go-to professional solar installer in Arizona to trust the task to. We are located in Mesa, Arizona and ready to come and install your solar system anywhere in Arizona and in the U.S. Book us today for your solar installation.
