Do Houses With Solar Panels Sell Faster?
If you’re considering selling your home, you may be wondering: do houses with solar panels sell faster? Well, the answer to this question depends on the specifics of the sale. For instance, houses with solar panels typically sell for 4.1% more than similar homes without the panels. Other benefits of solar-paneled homes include increased value, lower taxes, and a longer useful life. To learn more about these benefits, read this article!
Sold for 4.1% more than comparable homes without them
The price of a home with solar panels may increase its resale value. According to the study, homes with solar panels sold for an average of $4,1% more than comparable homes without solar panels. The study, which examined sales from March 1, 2018 to February 28, 2019, controlled for age, square footage, location, and market value. Solar panels increase resale value by a median of $5,911 per kilowatt installed.
A study by Zillow found that homes with solar panels sold for nearly $4,100 more than comparable homes without them. While the average system size used in the study was 3.6 kW, it still represents a significant price premium. The report analyzed sale prices in eight different states and compared solar homes to non-solar counterparts. Solar-powered homes sold for a median of $9,274 more than their non-solar counterparts.
A study by the Lawrence Berkeley National Laboratory, a research organization that studies U.S. electricity markets, found that houses with solar panels increased in value. The most prominent report was titled “Analysis of the Effects of Residential Photovoltaic Energy Systems on Home Sales Price in California.” This study does not cover homes that are million-dollars. Still, it does show that a solar system on a house can boost the value significantly.
The increased value of houses with solar panels is directly proportional to the quality and size of the system. It is best to choose panels proportional to the size of your home. For example, a 4,000-square-foot house should have more solar panels than a house with a 1,000-square-foot space. To help you decide the appropriate size of your solar panel system, use resources on solar energy. This way, you can maximize your property’s value.
Compared to comparable homes that do not have solar panels, houses with solar panels usually sell more quickly. They also save homeowners money from storage, transportation, and two mortgages. Furthermore, they reduce the likelihood of delisting and settling for less than their asking price. The biggest bonus? Tax rebates for houses with solar panels are worth as much as $2,600 to homeowners. So how can you benefit from these credits?
First, you can use state and utility incentives. Some utilities offer one-time incentives or ongoing rebates to encourage solar installation. The first incentive pays a credit for the electricity generated by the system. This credit can be used to offset the federal solar tax credit for solar panels. The second incentive is a property tax credit, and it’s worth keeping in mind that the federal tax credit will not be affected by the state rebates.
Longer useful life
The longer the useful life of solar panels, the more attractive they are as a home improvement. Many buyers will pay a premium for solar panels, and the added value of having solar power can help a house sell faster. A well-maintained solar panel has a longer lifespan than one that is not. Dirty solar panels degrade faster than ones that are clean. They also get damaged faster by extreme weather, such as heavy rain, snow, hail, and excessive heat. Despite this, there are some preventable factors that can help keep solar panels in good condition.
In a study published by the National Bureau of Economic Research, a home that had installed a solar panel was sold for a higher price than a house without. That finding is surprising, because many sellers are swayed by slick marketing by solar companies, and others read articles promoting the benefits of solar. However, these studies have little or no correlation with the actual selling price of a home with a solar panel installation, and they are not designed to be a substitute for proper home maintenance.