Do Solar Panels Increase Property Value?
Solar panels are an excellent way for homeowners to save money on their energy bills. They can save people thousands of dollars on their energy bill every month, which can help homeowners save money in the long run. Did you know that solar panels do more than reduce energy bills every month? Solar panels increase property value over time.
SKR Solar can help homeowners maximize these benefits, which will help them see plenty of returns in the long run.
Saving More With Solar Energy
Many people don’t know that solar panels can provide more than month-to-month savings. Solar panels are an excellent way to improve a home’s value, providing a more significant incentive for homeowners looking to make the switch.
Solar panels are an expensive investment, which many homeowners are hesitant to pursue at first. However, there are plenty of benefits to installing a solar system on a house or residence, which can help increase a home’s value in the long run.
How Do Solar Panels Increase Property Value?
A photovoltaic solar system can improve a home’s value over time, leading to massive benefits for a homeowner later down the line. Once a homeowner pays off their solar system, they can sell their home for much more than they initially spent on it. This increase in price is due to the demand for solar energy, combined with other factors.
These other factors are as follows:
- Statewide solar incentives
- Average utility rates
- The total amount of roof space
- Location
- Amount of solar energy available
Property value depends on location and access to amenities, but it can improve with access to renewable energy and the total amount of savings. In California, access to renewable energy is a must-have in most neighborhoods. Most residents want access to solar energy in the Golden State, as it drastically reduces energy costs.
Homes with solar systems they have paid off are highly desirable to buyers, meaning they won’t sit on the market for long. Additionally, these homes can be sold for much more than their initial price, as many buyers appreciate the convenience of having solar panels installed on a home.
What Impacts Home Value?
There are a few factors that can impact the overall increase in home value. If a homeowner owns their solar panels, rather than leasing them, they should see a greater return on their investment than if the seller initially leased the panels.
Owning Your Solar Panels
Owning solar panels makes the buying and selling process much easier for both homeowners involved. When a homeowner owns their solar panels, it is much easier to sign the paperwork recording transfer to the seller.
If a homeowner leases their solar panels when they sell, more paperwork is involved, as they do not yet own the solar panels.
Buyers don’t want a complicated lease transfer process when purchasing a new home. Ensure that you own the solar panels on your home if you are planning on selling any time soon.
Buyers prefer less monthly costs and less legwork; be sure to sell the home when these expenses are lower for future homeowners.
Convenience
Solar panels immediately make a home more appealing to buyers, mainly if the home exists in an area with ample sunshine. Homeowners are quick to act if the home offers plenty of room for monthly savings.
If a home recently went for sale, homeowners should expect quick action from buyers. Since solar energy presents monthly savings on electricity, they are an attractive feature on most modern homes.
A solar package is more attractive to buyers if the home exists in an up-and-coming neighborhood or community. Homeowners prefer convenience, which solar energy and location provide.
Sellers should expect to make massive returns on their investment if selling their solar-powered homes. Since solar panels are expensive, many buyers find them desirable, especially if they are already attached to the home.
Ready to Increase Your Home’s Value?
There are plenty of reasons to make the switch to solar, which is why SKR Solar is here to help with all of your solar needs. Our dedicated team can help answer all of your PV installation questions, whether you’re selling or buying. SKR Solar is a NABCEP Certified PV Installation Professional, so we can assist homeowners in determining their solar needs.
We’ll help homeowners find their perfect solar system, which can help them take advantage of increases in property value and other incredible benefits. Our team would be happy to answer any questions you might have, so connect with us today!
