Solar News & Information
How Rooftop Solar Energy Adds Home Value
March 21 , 2024
Many homeowners will view the addition of a solar energy system as an investment. Like other home improvements, the solar investment must meet the original need. For solar power, that means it must significantly reduce the buyer’s electricity costs. Yet the asset value of the system may be important for buyers.
Not only is upgrading with solar energy good for the environment, but it can also increase the value of your home! There are two data-based studies that we use as sources:
National Renewable Energy Laboratory and Zillow Studies on Solar
At an earlier stage in the proliferation of residential solar, the National Renewable Energy Lab (NREL) concluded your home value increases by $20 for every $1 you save on energy bills. For example, if your solar energy system saves you $700 per year, the value of your home increases by $14,000. This early study is titled The Value and Cost of Solar Electricity.Â
More recently, Zillow, an American tech real-estate marketplace company, discovered homes with solar panels tend to sell for four percent higher than those without them. Their study summary was posted as “Homes With Solar Panels Sell for 4.1% More“.
Energy Savings Translate to Higher Sales Price
Because in Massachusetts the primary utilities Eversource and National Grid regularly request rate hikes, we think each reason found for homebuyers valuing solar only gets stronger over time.
So how exactly does solar energy increase the value of your home? Well, for starters, solar panels can significantly reduce your electricity bills. This is a major selling point for potential buyers, who will appreciate the savings on their energy costs. In fact, homes with solar panels are often seen as more desirable because in many ways the previous homeowner worked to make the home more energy efficient overall.
Additionally, having solar panels can also make your home more attractive to environmentally-conscious buyers. With the growing emphasis on sustainability and reducing carbon footprints, a home with solar panels can stand out in the real estate market. Buyers may even be willing to pay a premium for a home that comes with renewable energy sources.
Solar Desirability May Speed Up You Home Sale
Studies have shown that homes with solar panels tend to sell faster than those without. This could be due to the added value that solar panels bring, as well as the appeal of a more energy-efficient home. So not only can solar panels increase the value of your home, but they can also help you sell your home more quickly.
Be aware that any financing used and still outstanding for the solar purchase can affect the sale of the home. Our sales experts at SunRa Solar will consult on these impacts throughout the proposal and buying process. Real estate agents may also be willing to advise you on the matter.
You can get a ballpark savings estimate of your own. Click at the top of this page to Get Estimate!
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Contact Us with questions or to see exactly how solar power will work for YOUR home, saving you thousands. It’s a free evaluation with absolutely no obligation.
