Solar power is becoming an increasingly popular method for generating renewable energy for your home or business. The upfront costs of choosing solar power can often be a bit hefty, but the cost savings over time are well worth it. One of the ways that you can soften the costs associated with a solar power installation is with the increase you can generate in your property value. Homes that are fitted with solar panel systems do see improvements for their property value and this often translates to some massive returns when you sell your home.
Zwillow estimates that a solar power installation will result in a 4.1% markup on the total price of a home. If your home is valued at $200k, you could see a return on your solar system of $6-8k when the home is sold. Homeowners tend to value the option to get access to a solar system when they buy a home and this can often influence buyer behaviour. There are some factors that could also increase the value of your home value because of your solar system!
If you live in a sunny area like California or Florida, you will likely see a greater value tied to your solar system. Homes and businesses in these locations will benefit from a much higher yield from their solar system. This can represent a greater value from the system when you sell your home as well.
The Size of Your Solar Panel System
The overall size of your solar system can also be important to increasing the value of your property. Experts would suggest that you can see an improvement in resale value for each kw that your system can generate.
Age of Panels
A solar system can significantly increase your property value if the panels are still relatively new. Panels can keep their efficiency well, but new technology is better at generating power and longer lasting. Prospective homeowners may find a new panel to be a greater investment for the future.
If you are considering solar energy for your home, keep in mind that solar panels will also improve your property value significantly. Keep this in mind for offsetting your costs.
This post was written by Nicholas Cortes, owner and expert solar technician at Energy Solutions Direct! ESD is one of the top solar panel companies in Florida! Our licensed and certified contractor are masters of their craft; with years of experience servicing the great Tampa Bay area and beyond, the choice is simple. ESD excels at offering you the best in solar value!