You’ve spent tens of thousands of dollars on those solar panels on your roof. It’s only right that you recuperate that money when you sell the house. While there are a million other things you may want to fix in your house to make it more attractive to potential buyers, solar panels can help you take a step forward. This means that many real estate brokers and experts believe that the presence of solar panels in your home will make the property more sellable.
Talk with your SunPower dealers. They’ll tell you that many of the homes where they’ve installed solar panels have sold for a better price. Access to solar energy also helps sell property faster. Studies show that homes with solar panels can be sold 20% faster than conventional homes. That’s something good to consider for those who need to sell their homes quickly.
Look at the Numbers
Research from the National Renewable Energy Laboratory says that every $1 you save on your energy bill adds $20 to the home’s value. The exact numbers may vary because of several factors, such as your home’s location and the average electricity cost in your area. However, the same research suggests that the average increase in resale value could be around $5,900 for every 1 kilowatt of solar installed.
The added value on your property will increase every time you scale up the solar panel installation. If you have 5kW of solar panels, that will average an increased value of $29,500 for a medium-sized home. So yes, you can recuperate the cost of the solar panel when you sell your home.
Factors to Consider
Of course, these numbers don’t reflect the average cost of the increased value for all properties. Several will affect these numbers, including your home’s location, the installation’s size, and the value of your home. For example, solar panels in New York add more value to the properties at 5.4% of the home’s total value. Metropolitan areas stand the most to gain from solar panels because the cost of electricity is also higher there. A separate study says that no metropolitan area does not benefit from a solar energy system.
As a seller, you’ll have several advantages when your home has a solar energy system. One, you can demand a higher asking price. Two, you will sell your home much faster. And three, you can recuperate almost 100% of the cost of the solar panels you installed. Also, you’ll receive many tax incentives from the government over the years. It’s a win-win situation.
Homebuyers want homes with solar panels because of three things, too. One, they will save massively on their electricity bill. Two, solar panels last for decades, so they’ll save much more money throughout their lifetime. And three, buying a home with solar panels is less hassle than installing the system themselves.
In the future, there will be a more accurate representation of the value that solar panels add to a home. If you plan to sell your home, you should consider installing solar panels. You’ll sell the home faster, get your money back, and demand a higher starting price.