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Looking to Increase the Value of Your Property? How Solar Panels Can Do the Trick

When you make an investment in a residential solar system, you’re not just doing this for yourself. You’re doing it for future generations, the environment and the family that buys your home down the road. According to a recent study from the Lawrence Berkeley National Lab (LBL), solar panels increase the value of homes – and not just in the Golden State. The study analyzed trends in New York, Maryland, Massachusetts and Connecticut, among others.

Let’s learn more about this study and how much value you can expect by installing a solar system of your own.

Solar Panels DO Increase Property Values

Lawrence Berkeley National Lab reviewed the sales of tens of thousands of homes in markets across the U.S. In all states analyzed, buyers were willing to pay a “solar premium” on properties with solar panels. The report gives homeowners who are on the fence about solar power more confidence. This is an investment that benefits you today and when you move in the future.

How Much Value is Added from Solar Panels?

Looking specifically at numbers from the report, each watt of solar adds about $3 to a home’s value. So, a 5 kilowatt (kW) solar system will offer 5,000 watts of power. A property like this should sell for $15,000 more ($3 x 5,000W = $15,000) than the next home on the block.  

Are you pleasantly surprised by these findings? You should be!

These numbers are actually quite close to the cost of a brand new solar system. This means that the investment pays for itself. Plus, there are rebates and incentives available, such as the Federal tax incentive that helps you save 30% on the cost of a new solar system.

Are all Solar Systems Created Equal?

At this time, it appears that retrofit solar installations carry roughly the same value as those that are built into the home. The report found that solar premiums for newer homes were only slightly more than older homes. Additionally, solar premiums were less in homes with large systems. This indicates that buyers are only willing to pay a certain amount for the system, regardless of its size.

After reading this information, it’s a great feeling to know that solar is a sound investment that won’t leave you in the dust. You get all the important benefits of renewable energy while knowing that you can recoup your investment later on. All in all, we think it’s a pretty sweet deal.

Considering a solar panel installation for your home? Call AllSeason Solar today and discover how flexible and affordable clean, renewable energy can be!