How Solar Power Increases Property Value
Did you know that adding solar panels to your home can increase its value up to 4.1%?
If you have ever contemplated adding a solar-powered system to your home, you are likely also wondering how the investment can help you save money and even make you some.
The good news is, they can do both.
Adding solar can reduce your carbon footprint and help your wallet at the same time. Keep reading to find out just how much your property value can go up if you install a solar system at your home.
How Solar Panels Increase Property Value
Home solar and other renewable energy sources are attractive to people looking to reduce their environmental footprint and reduce their bills. With the increased focus on climate change, more and more people are considering how they can do their part to help the environment.
In certain places, like New Jersey, homes with solar installations can sell for 9.9% more than homes without solar panels.
How Much Do Solar Panels Boost Property Value?
This can depend on where you are located. In certain states, the premium is much higher. This is likely due to the tax credit system in place, net metering, and various other factors.
The amount your property value can rise will also depend on the installed system, how many solar panels you can place on your roof, and how much you can get for the electricity you add to the grid through net metering.
Types of Solar Panel Systems
There are a few different types of systems you can have installed on a property.
Entirely off-grid systems require no connection to the grid. You will likely need a battery backup, but you and your potential home buyers will never need to worry about paying an electrical bill again.
You can also have a system that is still connected to the grid. In this kind of system, you can sell back any additional energy you don’t use to your energy company through a process called net metering. This will lower electricity bills even during low-producing days.
When you are connected to the grid, you get all of the benefits of solar energy and don’t have to worry about banking enough power to run your whole home.
How Do You Sell a Solar Powered House
The selling process of a solar-powered home can be a little different. You’ll want to keep a record of your solar installation, how old it is, and how well it’s working. This will help realtors determine how much extra you can sell your house for.
Ready to up Your Property Value?
If you want to save money and save energy, adding a solar system to your home can help you do both. Join the sustainable energy movement and make a little money while doing it.
Looking for more ideas about how you can up your property value or take on a home project? Look at some of the other articles on our blog for additional home information for all budgets.