If you are a homeowner considering a solar system installation, you may be wondering why do solar panels increase property value. As a wise homeowner, you carry out home improvements to maintain and increase the value of your property. But you may not realize that adding solar panels are not only a way to save money in electrical bills but they are also a great way to improve the value of your home.
But how do solar panels compare to other home improvements as far as a return on investment? We can show you what value you will be adding to your home as you invest in solar panels.
Comparing the Value of Solar
When someone mentions home improvements, a bathroom renovation or window replacement may come to mind. But you may have not thought about how investing in a solar system will increase your home’s property value.
The cost of remodeling a residential house last year was higher than it has ever been. The skyrocketing prices of materials and labor is only expected to go higher this year. Consider that the cost of installing a complete solar energy system in your home has been drastically dropping over the past decade. It requires a small investment in the actual installation. Most installations will take only a day or two. It is safe to say that solar panels are highly efficient and cost a lot less, thanks in part to the market that is embracing solar energy as an eco-friendly practical energy source that can power homes.
Solar Panel Technology’s Impact on Value
A 2015 research study funded by the US Department of Energy and carried out by the Lawrence Berkeley National Laboratory (LBNL) based in California had some interesting predictions about the new developments in photovoltaic technology. They looked at how newer panel technology would impact the home solar energy industry. The report, titled “Selling Into the Sun” correctly predicted that the prices of solar panels would drastically drop within 5 years as their efficiency increases, and that would significantly increase the value of homes. Sure enough, installing a standard 6 kilowatt (kW) solar photovoltaic solar panels on your home should add to the value of the house by approximately $25,000.
Where is the Longterm Value?
There is no other home improvement project you will invest in that will recoup your cost sooner and higher than solar panels. Solar energy will not only cut the cost of your electricity bill but also increase the value of the home from the minute they are installed.
Technology for solar panels has improved so much that you don’t have to worry about not harnessing enough energy to power your home, devices, automobiles and more. But you might be wondering, are panels a good longterm investment?
To be more precise, solar panels on the market today come with 25+ years of guarantee that they will generate electricity. A simple project you choose to carry out on your home today will most likely outlive you. If you are planning to sell your home in the next 10 years, the value of the photovoltaic panels you hire a professional company to install today will be valued then just as much then, if not more. This is because the value of the panels does not take into account how much you will be saving month-to-month in energy bills.
Now you know the answer that solar panels do increase property value. There is a lot of information regarding the latest developments and even calculators that let you estimate how much energy these photovoltaic cells will generate. Make sure you learn about all the equipment required for a home solar system and talk to an installation expert for personalized estimates. You’ll be well on your way to energy savings and a well improved valuable home.