With green, alternative sources of energy gaining mileage over the years, a solar photovoltaic (PV) system is a significant addition to your home. Why? Solar panels increase your home’s value according to numerous reports. Based on a report by the US Department of Energy’s Lawrence Berkeley Laboratory, PV systems increase your property’s value by $15,000. That’s good news, isn’t it? If you’re still wondering whether solar panels will add more value to your home or not, be assured that it will. Another research by the National Renewable Energy Laboratory shows that an extra $1 saved in power bills will add $20 to your property’s overall value.
Factors Increasing Your Home’s Worth
Location: The value of your home will increase depending on its location. For example, homeowners in Florida are blessed with abundant sunshine throughout the year. Therefore, solar installations in your Tampa home will give you better returns compared to areas not receiving enough sunshine all through the year.
Installation Size: The increase in your home’s value is directly proportional to the size, number and quality of the solar panels installed.
Home’s Value: Bigger homes normally get higher nominal boosts when it comes to the value of the property. Though the resale value may vary from one installation to the other, but latest research reveals that the average increase in your home’s resale value would be $5,911 for every one kilowatt of solar installed.
Save on Power Bills
Expect to save considerably on your energy bills over a period of 25 to 30 years of your home’s solar panel’s lifespan. Remember that the cost of conventional electricity will increase with time. And, even if you do not sell your property, solar installations will pay for itself several times over.
Higher Premiums Covering Initial Installation Cost
When you decide to sell your home, you’ll get a higher premium, covering the upfront expenditure of solar panel installation. Installing solar PV systems will not only help you get a better asking price for your home, but will also help you sell your property 20 percent faster compared to homes with no solar panels.
If you need more information regarding solar panel installation costs or different solar products, feel free to contact us.