Solar panel installation can give owners a lot of benefits and one of these is the appraisal of your property value. Homes with solar panel systems can be sold at a higher price. To have a better understanding of this, let’s learn how solar panels increase property value.
Do Solar Panels Increase Home Value?
Yes indeed. The higher the value of your solar panel system, the higher the appraisal you can get when you decide to sell your property. According to the National Renewable Energy Laboratory, every $1 of energy generated by your solar panel system is equivalent to $20 added to the value of your home property. Plus, the percentage of chances of selling their property has increased to 20% compared with properties that don’t have solar panel systems.
What are the Incentives a Seller can Get From Selling Property with a Solar Panel System?
There are advantages for homeowners when they plan to sell their properties in the future and here are some:
The Right to Demand for a Higher Price
Buyers tend to ask for a lower price when buying properties. But if your home has a solar panel system, then it gives you the right to stick to your price or even ask for additional. Buyers who are familiar with the benefits the solar panel system can give them won’t hesitate to buy your property at the price you asked them for.
Faster to Sell
Properties may take longer to sell since they require a lot of money, of course. Don’t expect your home to be sold overnight, since some people would even ask for a visit before making their final decision. However, your home can be sold faster if you have a solar panel system. The exposure to market listings will be reduced.
Get ROI Immediately
Solar panel installation is an investment which means you will be getting a return of investment at a given certain time. For a solar panel system, 5 to 7 years is enough to get your ROI, but if you plan to sell your home, then you can immediately get the money you used to purchase your solar panel system.
What are the Advantages for People Buying Property with a Solar Panel System?
Imagine moving to your new home and getting immediate savings from your electricity bill. Electricity bills are one of the responsibilities everyone has. No matter how much one wants to conserve, their electricity bills just keep on going up. That’s why moving to a solar-powered home would be a good way to start enjoying your new home.
No Down Payment
Solar panel installation requires you to pay for the upfront cost if you want it installed in your home. However, moving to a home with a solar panel system doesn’t require you to pay any additional amount since it is already included in the overall price of the property.
What are the Factors that May Affect the Value of my Solar-powered Home?
There are several factors that can determine the appraisal of your property with a solar panel system and these are as follows:
Different locations have different market values for homes. Make sure to be aware of the price range of homes in your area, so you can have an idea of the price of your home.
Size of Solar Panel System
Bigger solar panel systems are more expensive. Make sure to keep your receipt, so you can still know the price of your solar panel system. Since an additional amount can be computed according to the solar panel’s price.
Solar Panel and Inverter Age
The condition of the solar panel and age will also be considered. That’s why maintaining your solar panel in good condition can be relevant to whether you plan to sell your home or not. You will still benefit from it.
Solar panels increase property value not only because of their cost but because of the benefit they can give the new homeowner. So, make sure to take care of your home and solar panel system to be able to sell it at the price it deserves. A good solar panel system is equal to a higher home value.