How does solar impact my property value
One of the more common questions we get as solar installers is customers wondering if having solar on their roof will impact the property value and resale price. I was not too sure myself and keep giving the same answer “well it couldn’t hurt resale value”. But I didn’t know for sure.
So after being asked for the 10th time I decide to do some research and this is what I found.
Solar Powered Houses Sell Faster
Firstly, research by the National Renewable Energy Laboratory has shown that homes with solar sell about 20% faster than traditional homes, and this is primarily due to the increasing popularity of solar panel systems and the desire for people to save a lot on utility bills when moving into a new house.
Installing a solar panel system increases your property value by 4 to 5% by default, and this is due to the number of utility fees you save upon the installation of solar in your home. An average solar panel system saves a household up to 60% more energy over the course of 25 years. This information is precious when making solar home sales as it serves as a strong incentive for prospective buyers to be more invested in purchasing your house.
In certain states, a small 3kW system can add up to $18,000 to your property value, and a 5kW system can add up to $30,000, thereby making your house highly valuable over time and easy to sell on the housing market even in the slowest of seasons.
Making your Home More Valuable
There are two significant factors that help guarantee a higher property value and the quick sale of a home on the housing market. These are appropriate documentation and proof of money saved on electric bills.
The former is highly crucial as it shows validity to prospective buyers and cements the fact that all the installations for the solar panels were done appropriately and professionally. With the right documentation in tow, a solar home on the market becomes a hot cake as interested buyers would be excited to enter a house where a majority of the legwork involved with solar panel installation and electricity consumption has been sorted out.
The latter serves as strong evidence that your solar panel system is not just a decoration but rather a very effective piece of equipment that is capable of saving costs for potential buyers. There are several ways that a homeowner can assess just how much they are saving by going solar. There are solar calculators that can be used online to determine how much has been saved. There are also companies that can be consulted which can help in identifying it as well.
Solar Panels are Highly Beneficial
In conclusion, going solar yields a lot of advantages for homeowners as they automatically make your house more valuable on the market and make them easier to sell. There are specialized solar home realtors that are very experienced in the knowledge of solar homes and are adept at selling your house for you. So, get involved and install a solar panel system today so you can start to boost your property value.
