Is My House Worth More With Solar Panels?
Solar panels increase the value of a home, according to Zillow’s study. The home with solar panels sells for 17% more than one without. Homes with solar panels also sell faster. The report also provides details on how solar panels affect home value. But solar panels may not add that much to the value of your home. Here are some other factors to consider. For example, the age of your PV system, the location of your home, and the current market value of similar homes in your area.
When homeowners install solar panels, the cost of the installation usually varies between $3,000 and $4,000, depending on the size of the solar array. According to Zillow, an average solar array adds $15,000 to the value of a modern home. According to the Office of Energy Efficiency and Renewable Energy, people are willing to pay up to $15,000 more for a home with solar panels. And because solar arrays are a good investment, energy-efficient homes tend to sell faster than homes without them.
However, a solar power system installed in 1995 will not increase the value of a home as a photovoltaic installation installed in 2020. Because solar modules are more efficient today, they are more valuable than they were in 1995. Additionally, the newer the solar modules, the higher the value. In addition, solar leasing companies do not add any value to your home, so you can easily get your money back from the leasing company once you decide to sell the house.
Moreover, solar panels also add value to your home. Homeowners often upgrade their homes to increase their home’s value, including installing new carpets, windows, and insulation. But one thing is certain: installing solar panels will boost the value of your home. Even though the costs may be higher than you expected, they will pay off in the long run. Furthermore, solar panels make your home more environmentally friendly, which is another major benefit for your home.
While installing solar panels will raise the value of your home, it will also increase your property taxes. Many states will provide tax breaks if you opt to install solar energy panels. The amount of your property taxes will depend on how much your utility bills cost. By 2022, most states will offer tax breaks for homeowners who install solar power systems on their homes. And the cost of the panels will depend on the amount of money you save on utilities.
In the US, homeowners with solar panels add about $14,328 to their home’s value. This equates to an increase of 3.74% or more. Considering that the cost of solar panels is typically around $10,000 to $18,000, the cost of installing solar panels will pay for itself several times over in your lifetime. It is also estimated that you’ll save up to $20 per watt of electricity with solar panels, which will add a few thousand dollars to the value of your home.