Increase Your Home’s Value by Going Solar
It’s clear that solar panels are a good investment when it comes to saving money, especially over long-term. But you as a homeowner may ask yourself if having solar panels will increase your home value, or hurt it. The resounding answer is solar panels INCREASE home value. By a LOT.
Are you looking to increase your home resale value in Texas? Install solar panels and you’ll not only add value to your home, but also save money on power bills.
According to a recent study conducted by the U.S. Department of Energy’s Lawrence Berkeley Laboratory, home buyers have consistently been willing to pay more money for homes with solar power systems.
The study analyzed the sales of almost 22,000 homes in eight states from 1999 to 2013, almost 4,000 of which contained solar PV systems.
Solar Panels Are Absolutely A Selling Point
While twenty years ago solar panels were a luxury item, more and more people are going solar every single day. Homes that have solar panels already installed are increasingly appealing for people looking for homes because solar panels increase your home value.
Lawrence Berkeley National Laboratories conducted a study and their findings were pretty amazing.
According to the U.S. Department of Energy, research shows that:
Solar Panels are Practical and Pretty
Solar panels may not have the same curb effect as a Grecian statue, but Energy Renovation Center’s solar panel designs are excellent. They can increase your home’s value, as well as have a well-planned appearance and executed installation. Consult an Energy Renovation Center expert today for more details.
An ever-increasing number of home and business owners are investing in solar panels. The perks of going green aside, the financial benefits are more than enough to make people take a second look when it comes to making solar a new addition to their house. Your solar panels will help save money on energy costs, and as fossil fuels become scarcer, the cost of grid-produced electricity will only become more and more expensive.
Solar Panels Add $24,000 Dollar Value To Homes, On Average
The key finding: on average, homebuyers are “consistently willing to pay PV home premiums” of approximately $4 per watt of installed solar capacity. For a typical 6-kilowatt solar PV system, this means that solar can add $24,000 to your home’s resale value!
According to the Solar Energy Industries Association, over 2 million U.S. homes and businesses have gone solar! There’s over 71,300 MW of cumulative solar electric capacity operating in the U.S., enough to power more than 13.5 million average American homes. Now is a great time to join the solar power revolution!
Decreasing Costs Driving Adoption Of Solar Powered Homes in Texas
Through Q3 2019, Texas installed 3,420 MW of solar electric capacity, ranking it 4th nationally. There’s enough solar energy installed in Texas to power 408,000 homes.
And, since 2010 the average price of a PV solar panel has dropped by 63%!
Learn more about how solar panels increase property values:
Lawrence Berkeley National Laboratory: Selling into the sun: Price premium analysis of a multi-state dataset of solar homes
New York Times: Appraising solar energy’s value: Solar panels and home values
CNET.com: Solar panels increase home values
Zillow Research: Homes with solar panels sell for 4.1% more