With any home improvement project, one of the first questions on a homeowner’s mind is whether the work will increase their property value. After all, you never know what the future might hold, and getting a return on your investment if you sell your house is always a good thing. Naturally, many people wonder if solar panels will increase their home’s value as well. Here’s what you should know.
How Much Can Solar Panels Increase Property Value?
A variety of studies have confirmed that solar panels do indeed increase the value of a home. One commonly cited study from the National Bureau of Economic research found that on average, buyers would pay four percent more for a house with solar panels. Other studies estimate that for each kilowatt of solar that is installed on a home, its value increases by $5,000. Either way, the energy savings are clearly attractive to potential buyers.
Factors to Consider
Of course, the true value of a solar system is dependent on other factors. A larger array of solar panels will have a greater influence on property value because they produce more energy. Similarly, a newer system will add greater value because it will provide better performance than older panels. Local utility costs and solar incentives can also make solar panels more enticing by having a greater impact on household savings.
Whether you plan to live in your home for five years or fifty, Sunrise Solar can help you install a solar system that is perfectly suited for your property’s needs. By maximizing your home’s energy output, you can lower your electricity bills and improve your property value for the years ahead.