The average homeowner spends roughly $ 1,200 per year on electricity. Installing solar panels sounds like a great investment, doesn’t it?
Remember that Cost of installing solar panels can range from $ 28,000 to $ 48,000, so it will take some time before you see the return on this investment. Apart from the ROI for your electricity savings. Does adding solar panels add value to your home when you sell?
This question is not an easy one to answer in order to learn more about how much solar panel installation can add value to your home, aside from cost savings on your electricity bill.
Myth dispelled – solar panels are no longer ugly
Today the design of solar panels is leaner with black or colored supports that blend into the roofline. As more people go green, there is also less resistance to seeing the new designs. So installing solar panels does not reduce the value of your home.
Does installing solar panels add value to your home?
While solar panels don’t decrease the value of your home, the value they add depends on the following factors.
The size of your home
The bigger the house, the more value it brings to your home. This makes sense because larger houses use more electricity than smaller houses and the new owners achieve long-term cost savings.
How you paid to install your solar panels
Due to the high cost of installing solar panels, this is outside of the budget of some homeowners. To respond to the market, there are options for leasing solar modules.
While saving energy costs, selling your house will make it difficult. The buyer can take over the lease. However, if they choose not to, you may have to pay. The cost here may include a suspension fee, paying until the end of your lease, or removing the panels.
Where you live
Housing costs vary depending on where you live. Also the electricity costs. These two issues affect how much you can save by installing solar panels and how much value it adds to the price of your home. Talk to local solar companies to understand the cost of where you live.
Ready to do some math?
Many factors add to the value of your home. You may also want to speak to a real estate agent who knows the local market best. Finally, when you’re ready to do some math, but check out and check out your latest energy bill this calculator to see how much value you can add to your home by adding solar panels.
Other ways to increase your resale value
There are many ways to add value to your home. The installation of solar panels is just one of them. Updating bathrooms and kitchens is another way to add value to your home.