One of the main questions homeowners have when considering switching to solar is, “Do solar panels increase home value?” In short, yes, they do increase the value of your home. Our team at Green Commercial Systems can explain how solar panels will increase your home’s value and why buyers look for pre-installed solar systems. Read our guide below to learn more about how solar will increase the value of your home.
Home improvement project
Most home improvement projects will increase the value of your home. Projects like finishing a basement, adding a room to the attic, building a fence, and others add livable space to your home and increase home security. Adding solar panels increases your home’s energy efficiency and helps to produce clean, sustainable energy.
Homebuyers can appreciate not having to complete a home improvement project on their own and are often willing to pay a premium for a home that already has it done for them. For instance, a buyer will likely pay more for a home that doesn’t need the interior painted than they would for a home that needs a fresh coat of paint. The same goes for buyers looking for homes with solar panels.
Government subsidies
The federal government offers limited subsidies as incentives to help homeowners with the cost of solar installation. With help from tax incentives, you can decrease the net cost of your solar installation, which means that you’ll get more value directly out of your solar installation. Increased value from your installation translates directly into equity when you choose to sell your home.
It’s important to keep in mind that unless they’re renewed, government incentives will expire at the start of the year 2024. Homeowners will want to jump on getting their solar system installed before then, so they can enjoy the tax benefits that come with buying solar.
Reduced utility costs
Energy efficiency is a hot commodity in the world today. Homeowners are looking for ways to buy energy-efficient appliances, and electric vehicles are getting to be much more popular on the road. The same goes for buying houses. Homebuyers will love seeing that they can reduce energy costs by enjoying a solar system that’s already been installed on a home. The thought of owning a home that’s energy-efficient and producing clean energy is appealing to many buyers, so they’ll be willing to put your home toward the top of their list.
Buyers are willing to pay more, buy faster
When it comes down to it, the value of your home is based on what the market dictates, which is established by what buyers are willing to pay. Homebuyers are looking to buy houses with solar panels already installed so that they can avoid the installation costs and process. Zillow performed a study in 2019 that found buyers are willing to pay 4.1% more on average for a home with solar panels compared to a home without solar. Because homebuyers are willing to pay more for solar, the value of your home is increased with a solar installation.
Get in touch for a consultation
So, do solar panels increase home value? Yes, they most certainly do. You can learn more about how to increase your home's value by switching to solar by reaching out to our team at Green Commercial Systems. Our experts can come to your home and provide you with an estimate for your solar installation. Schedule a consultation by calling 855-293-5755 or send a message via our online contact form.
