As technology improves and systems become more efficient, more homeowners are looking to alternative forms of energy to power their households. Solar power is an established and reliable source of electricity that can bring your electric bill down to zero.
When you’re considering this significant investment, one question can make the difference: How will this affect my home’s value? We’ll explain how much value solar panels can add to your home and why.
Key Factors in the Added Value of Solar Panels
Homebuyers are on the hunt for energy-efficient homes. As electricity costs continue to rise and the grid becomes less reliable, demand for homes with solar energy systems has steadily increased. Homes with solar panels sell for an average of 4.1% more than homes without, and each kilowatt of solar power installed can increase resale value by nearly $6,000.
Here are some of the factors that influence the value added:
- Region: The electrical costs in your area and the sunlight your home receives impact your system’s efficiency.
- Installation costs: When local installation costs are high, buyers are more likely to look for a home with panels already installed.
- System efficiency: The age and output of your system may result in depreciation.
Property taxes are another concern, but many states, including Maryland and the District of Columbia, offer 100% exemptions on the value added to your property by solar panel installation.
Should I Buy or Lease My Solar Panels?
When considering a solar energy source, you’ll typically have the option to lease the system instead of buying it. While that can be an option for homeowners without the upfront cash, buying your system is ultimately the most financially sound option.
Purchasing the system means you’ll earn back the initial investment in seven to 10 years, and you’ll be able to take advantage of federal tax incentives. Leasing your panels can complicate selling your home, negating the value of the solar panels.
Rely on Revolution Solar for Your Solar Panel Installation
When it comes to solar energy systems that add the most value to your home, look to Revolution Solar. We design and install systems with only the highest quality products, ensuring optimal efficiency and reliability to set your home apart from the rest when it’s time to sell.