How Solar Panels Add Value to a Home—What You Need to Know
Installing solar panels can be a really attractive idea for any homeowner. Not only will it help you save on energy bills and contribute to the wellbeing of the environment, but it can also increase the value of your home. If you want to purchase solar panels or already have them installed, then you might have some questions about just how much value they bring.
Read on to find out more about how solar panels can increase your home’s value.
Can Solar Panels Increase Home Value?
It turns out the answer is not quite so simple that it can be answered by a straight yes or no, as some factors will be within your control while others won’t. For one, knowing the differences between leasing and owning your solar panels can affect your decision.
Solar panels purchased outright can increase your home’s value since they are counted as additions to real estate by home appraisers. The same conditions apply when purchasing solar panels through a loan that has already been paid in full.
Loans that are still being paid off the home value and your ownership will depend on the loan contract. Owning the panels outright is necessary for it to be a permanent part of and add value to a home.
On the other hand, leasing solar panels may not add value to your home because you do not fully own them. Considering this and other factors that can affect solar panel home values will guide you when faced with a solar lease vs. buy decision.
Factors That Affect the Values of Solar Homes
Though ownership is the primary factor determining the value of your home when you add solar panels, it’s not the only reason. Here are some other factors that may influence your home’s value once you buy or lease solar panels for it:
The Age of Your Solar Panels
Rapidly developing technology will cause solar panels to become outdated much more quickly. This is because solar panels from a decade ago will work differently compared to solar panels produced today. Having a newer solar energy system installed in your home will probably appraise more than an older system since it’s more efficient and worth the price.
The Size of Your Solar Panel System
In terms of adding value to your home, your solar panel system’s size doesn’t actually matter as much as you think. The presence of solar panels in the house alone is value adding to anybody looking to purchase. Any solar panel additions can add more value to your home, but only incrementally. What matters is that the panels are there.
The likelihood of finding a buyer who will value your home along with the installed solar panel system will depend on the shared values of your neighborhood. Some areas value going green more than others, so keep this in mind when looking for interested buyers.
There are other benefits besides increasing your home’s value that you can get from buying or leasing solar power. Having a solar energy system that is ideal for your home installed can help you reduce your energy consumption, thus costing you less on your electricity bill every month.
Solar panels are also beneficial to the environment because they contribute less to carbon emissions that can add to greenhouse gases. As more people prioritize renewable energy sources, the more people can mutually benefit.
The Bottom Line: Solar Has Value
Regardless of whether you have full ownership of the solar panels in your home, there will always be some kind of value to be derived from them. Solar installation can add value in more ways than one by increasing your home’s price, saving energy costs, and making your home a more sustainable building. Getting in touch with the right company to walk you through the installation options and processes will help you determine how solar panels can benefit your home and you the most.
Are you looking for solar panel installation services in the US to upgrade your home’s value? ESS Socal Solar Guru has got your back! We work directly with manufacturers and solar programs in the USA to get the best installation and service teams for our customers. Check if your home qualifies for installation today!