Do Solar Panels Increase the Value of Your Home?
A study1 by the U.S. Department of Energy’s Lawrence Berkley Laboratory found that solar energy panels can add up for $15,000 to the value of your home. As well, Fannie Mae recently issued guidelines specifying that appraisers should take into account solar systems when determining a house’s appraised value. These two facets, along with the growing solar energy market, mean solar panels add value to your home.
Houses with Solar Panels Fetch More in Solar-Friendly Areas
California leads the way amongst states with the most solar PV installed capacity and cumulative solar electric capacity. Consumers in states like California (where environmental concerns are in the forefront) are likely more aware of the value of solar panel installation, and they are also more likely to pay for that value when purchasing a home with solar panels. It’s estimated that in the U.S., more than half a million homes have photovoltaic (PV) energy systems as of 2014, and that number is projected to increase as more consumers key in to the advantages of solar power.
The Right Amount of Quality Solar Panels Ups Value
As well, the amount of solar panels on your home will determine your home’s rise in value. The more high-quality, high-efficiency solar panels on your home, the more your home’s worth will rise. Most experts agree that those who purchase solar panels will recoup that investment when the time comes to sell their home.
A home needs to have enough room on its roof for adequate solar panel installation. You’ll need about 100 square feet of roof for each kilowatt generated. The average home uses about 909 kilowatt-hours (kW) per month, according to the U.S. Energy Information Administration2. A 5kW home solar panel system that receives six or seven hours of sunlight should be enough to power the average home.
As Traditional Energy Costs Rise, Solar Becomes More Affordable
In states with higher than average energy cost from the traditional power grid, consumers tend to be more interested in purchasing a home with solar panels as the monthly energy savings is higher. Most energy experts project that traditional energy costs are on the rise, making solar an ever more affordable energy option.
Solar Panels May Quicken Sale of Home
A study3 by the National Renewable Energy Laboratory found that homes with solar panels installed sold more quickly (and at higher prices) than homes without solar panels.
Find out if you should buy or lease solar panels at Verengo® Solar.
- How Solar Energy Works
- Is Solar Energy Right for Me?
- A Quick Guide to Solar Financing
- How Many Solar Panels Will I Need?
- Go Solar in 4 Easy Steps
1Berkeley Lab Illuminates Price Premiums for U.S. Solar Home Sales, http://newscenter.lbl.gov/2015/01/13/berkeley-lab-illuminates-price-premiums-u-s-solar-home-sales/
2How Much Electricity Does an American Home Use?, http://www.eia.gov/tools/faqs/faq.cfm?id=97&t=3
3A New Market Paradigm for Zero Energy Homes, http://www.nrel.gov/docs/fy07osti/38304-01.pdf
What Can You Save With Solar?
With no end in sight for soaring electricity rates, your switch to solar will secure affordable power for your home & family for years to come.