Kevin Vogel — In the early days of solar power, many people mistakenly believed that solar panels could actually lower your property value. This was mostly due to the perceived notion that the neighbors didn’t like it. But that assumption turned out to be a complete myth. Not only are more and more people considering solar panels in their homes, it’s also increasing home value by four percent or more. Installation of a solar system in your home can still be very expensive, but with the money you save on utility bills, plus an increase in equity and tax credits, you could find yourself with an investment that more than pays off.
Some of the Reasons Solar Energy could pay off include:
Perspective buyers of your home will know that they are going to pay little to nothing to the electric company, and as energy rates rise, this offers a valuable sense of security.
Solar homes are likely to have more amenities in general. If you’ve taken the time to install panels and awnings, then you have probably installed and renovated other areas of the home, leading to a greater perception of its value.
Depending on where you live, the government offers huge tax incentives and reimbursements to homeowners willing to switch to solar – enough that the hefty cost of installation can be reduced to a fraction.
Solar panels reflect a certain kind of neighborhood. If you live in a place populated by environmentally-conscious people and college graduates, who may drive hybrid cars and promote healthy modern living, buyers who are looking for that environment will be drawn to your property.
To put it simply, more and more buyers are considering reducing the size of their carbon footprint as well as the dependence of all of us on fossil fuels. For this reason alone, a solar home can sell for a great price and also more quickly.
The payoff is not guaranteed, of course, and it is still possible you could spend more installing than you can recoup. The numbers depend on what kind of system you buy, which region you live in, how old your solar panels are, and how you maintain them. Many realtors will insist that you’re aware before you sell your home that panels may not increase the value at all – and in some cases, they don’t, especially if they are older panels with decreased efficiency which will need to be replaced soon. But the good news is that the cases where solar panels depreciated the value of a home are virtually nonexistent.
On the whole, solar panels reflect both a sense of environmental responsibility and prestige, and their appeal is growing. The number of homes converting to solar increases by up to 50 percent each year, and as that happens, prices for installation become more competitive, leading the transition to be much more affordable than it was in the past decade. In the long run, it’s increased education about the value of green energy that will benefit the value of a solar home most of all.
About the Author
Kevin Vogel writes for several eco-design blogs. Find out how using a markise can help save money on your power bill.