The popularity of solar panels is increasing and whether or not solar panels increase the value of a home is a question we get often here at Bright Solar Power California. The initial costs of going solar can be pretty intense if you’re considering purchasing the system outright. However, it’s important to remember that the benefits of going solar are tenfold when it comes to long-term investment. But the question still stands…
Do solar panels increase your property value?
Short answer, yes. They do.
And what’s even better, is that there’s proof! There are studies that show homes with solar panels are valued and sold at higher prices than similar homes without solar panels in the same areas. Here’s a 2019 Zillow Study that shows homes with solar energy sell for 4.1% more than homes that don’t. If you have a home valued at $400,000 (the average price in California is $450,000), that could mean a difference of $16,400! Not too shabby, if you ask us. *Virtual High Five*
Factors That Control How Much Solar Panels Increase Property Value
However, with all this good news, it’s important to keep in mind that these results can differ based on your location and other factors detailed below. Ready? Here we go:
The Size of Your Home & How Many Solar Panels You Will Need
The amount of solar panels installed on your roof have a lot to do with the increased potential of your property value. This also depends on the quality and quantity of the equipment installed. The capacity at which your solar panels produce energy needs to correlate with the size of your house and the amount of energy you use. If you want to know more about how solar panels affect property values check out this study from the Lawrence Berkeley National Laboratory.
The Cost of Electricity in Your Location
The amount of increase you see in your property value has a lot to do with where you’re located as well. For example, California and New Jersey are high-functioning solar markets, therefore they yield higher returns than similar installations in markets that are not as solar developed. This is primarily because real estate agents and their colleagues are more familiar with the benefits of solar.
How Much Energy You Save/Use With Your Solar Panels
Your property value and the value of your solar system will also change based on the cost of electricity where you live. We here at Bright Solar Power California make sure to take a look at your energy bills to figure out the cost of the system size you would need based on the kilowatt-hours your family uses. The average is 3-4 dollars per watt.
The Type and Quality of Solar Panels
The technology used in your solar system, its lifespan, along with the warranty of your system can vary and have an impact on the value of your overall equipment and well as your home value. This is why we here at Bright Solar Power California take our time to ensure you have all the information you need and provide you with the answers to your questions. We understand the value of knowledge when it comes to solar technology and provide you with the tools you need to make the best decision for your family when it comes to your long-term investment in solar energy.
Benefits Of Having Solar Power
Along with solar panels increasing your property value, there’s also many other added benefits of investing in solar energy.
Going Solar Saves You Money On Your Electric Bill
Once you offset the initial investment of solar energy by saving money on your energy bill, you are essentially using free electricity for the remainder of the panels lifespan, which can be anywhere from 25-40 years. This is also an important aspect of going solar because utility rates have been steadily increasing for the past 15 years. There’s also some federal, state and local incentives and tax credits that allow you to subtract 26% of the total cost of your solar panels. For more information, contact us at Bright Solar Power California and one of our specialists will be happy to assist you. 760.545.8466.
Going Solar Is Good For The Environment
One of our favorite benefits of going solar is that your solar system is that you obtain squeaky clean, pure energy from the sun. Not only this, installing solar panels on your home also helps reduce greenhouse gases and reduce our dependence on fossil fuels, like coal and natural gas.
Going Solar Provides You With Reliability
It’s a common misconception that solar panels aren’t reliable. However, it’s quite the opposite. When utilizing solar panels as your homes main source of energy, their rate of failure is very low, particularly if you’re using grid tied solar. We here at Bright Solar Power California are committed to educating our customers about these options. Please don’t hesitate to contact us if you have any questions regarding the reliability of solar panels.
Should You Go Solar?
For most people, investing in solar energy makes a lot of sense when considering that the system pays for itself over time and is good for the environment. The fact that solar panels increase the value of your home is just icing on the cake.
Getting solar panels for your residence is one of the smartest decisions a homeowner can make. If you’re having trouble making a decision on whether or not to go solar, we are here to provide you with the information you need to make the switch. Contact one of our Bright Solar Power Solar Specialists at 760.545.8466. We look forward to providing you with a free consultation and estimate as talking to you about how much you save by investing in clean energy!