Solar power is more popular than ever before, as homeowners across the country are looking for green energy alternatives that can also help them save money on electricity costs. This increase in solar panel use has many homeowners wondering if installing solar panels can help increase their home value.
Continue reading to learn whether taking advantage of solar power can be a smart decision for the long-term value of your home.
How Does Solar Power Affect Home Value?
Recently, homes with solar power tend to sell for about 4.1% higher than comparable homes without a solar panel system. Knowing that figure, you can pretty confidently assume that installing solar panels will boost your home value, at least by a little bit.
In many cases, the increase in value is enough incentive to make homeowners finally take the plunge to invest in solar power.
Factors That Determine the Added Value of Solar Panels
So, exactly how much can you expect your home value to increase once you install a solar system? Unfortunately, that’s a difficult question to answer definitively. Let’s take a closer look at the main factors that determine the added value of solar panels.
Where You Live
If your home is in an area with typically high electricity costs, installing solar panels will add more value to your home since they can help reduce those costs. Along those same lines, if you live in an area with ample sunlight (like we get here in Charlotte!), your panels will add more value than in a perpetually cloudy climate.
The Age of Your System
If you plan to enjoy your solar panels for decades before selling your home, keep in mind that an older system won’t bring as much value as a newer system. The older your system, the more likely that prospective buyers will have to do repairs on it, which makes it a less appealing feature when you’re trying to sell your home.
Your Specific System
Another factor in how much value solar power can add to your home is the specifics of your system. If you have a larger system that produces high amounts of energy, it will add more value than a smaller system. Additionally, if you have a common system with easy-to-find replacement parts, it will be more valuable than an obscure system.
Boost Your Home’s Value and Save on Electricity Costs With Solar Panels
Now that you know that solar power can, in fact, increase your home’s value, it’s time to start planning your solar installation project. How many panels will you need? Which type of panels should you get? Do you qualify for any solar tax credits?
The Southern Home Services team is here to help simplify the process for you. As one of Charlotte’s most-trusted solar installation companies, we’re here to answer any questions you may have as we develop a plan to help you take advantage of clean energy. Contact us today to take the first step towards equipping your home with solar power.