If you’re looking for easy ways to raise your property value, installing residential solar panels is a smart decision. Adding solar panels to your home can increase its market value and help you sell your home faster.
In this guide, we’ll explain how solar panels influence home value and how you can maximize the financial benefits of a home solar installation.
How Solar Adds Value to Your Home
Solar increases home value by creating long-term benefits that homes without solar panels don’t have:
- Save money every single month by reducing or eliminating electricity bills.
- Protect against rising electricity rates, creating stable and consistent energy costs.
- Provide backup power during outages when paired with solar battery storage.
Most homebuyers understand the advantages solar panels provide and many are actively seeking them out. Because of this, solar panels add value to your home and can help it sell for more.
Homes with Solar Sell for 4.1% More Nationally
Exactly how much solar increases home value depends on where you live, but in most markets, solar does increase home value.
According to a study conducted by Zillow, homes with solar panels sold for an average of 4.1% more than similar homes without solar. For the median-valued home, that translates to an additional $9,274!
“Some people worry that they may not be in their home long enough to see a sufficient return on investment, but when you consider the instant equity the average home gains upon installation of a solar system, it can cut the payback time in half or more.” – Ben Perry, Territory Manager at Solar Energy Solutions
Of course, how much solar raises property value will vary from area to area, so no amount is guaranteed, but studies involving tens of thousands of homes consistently show that even small to medium size solar systems add 3-4% ($15K per US Department of Energy) on average to the selling price of the home.
Homes With Solar Panels Sell Faster than Homes Without
Solar panels can not only increase the value of your home, but they can also help it sell faster. Many homebuyers consider solar panels to be a luxury feature, like a newly renovated kitchen, that makes your home more attractive and encourages buyers to act fast. In the current market, extra features like solar can go a long way in helping you sell your home quickly.
Solar Energy Solutions: Your Local Solar Expert
Solar panels bring extensive value to your home no matter how long you plan to live in it. You’ll save money on your electric bills while you’re living in your home and could earn back a percentage of your upfront investment when you sell your home thanks to the value solar panels add.
Solar Energy Solutions can help you get the absolute most value out of your investment in a solar panel installation. We offer a wide range of financing options and can help you with solar incentives like the 30% federal solar tax credit.