Does adding solar panels to your home add value for selling?
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19 months ago
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While some real estate articles boast that homeowners can make the value of their home "skyrocket," and others predict only a marginal increase, most industry feedback is that installing solar panels does increase the value of your home.
More and more homeowners are taking advantage of the energy conservation and equity benefits of a solar panel system. In 2007, the number of solar panel installations rose 45 percent. This number should keep increasing, as rising gas and energy prices have the whole world considering alternative energy sources.
Saving on Energy Bills Means More Equity in Your Home
The IFC Consulting group did a study in 2007 that found that for every $1 homeowners reduced their home's energy bills, the value of their home increased by between $10 and $25. Solar panels, especially in the first half of their lifespan (approximately 15 years), can add value to a home because they still offer 15-20 years of energy savings. Solar panels toward the end of their lifespan (approximately 30 years) may not increase the value of a home.
Making Your Home Distinct with Solar Panels
Solar panels can do more than save energy and give your roof a modern, technological look. They also can set your house apart from probably every house in the neighborhood. In the last ten years, only around 35,000 homeowners have installed solar panels on their home, which means that you could be the only house for miles that offers the energy efficiency of solar panels.
This feature can be used to market your home as a "green home," and by adding a few other energy efficient features, the house can be marketed much more effectively.
Getting Credit for Going Solar
Installing solar panels on your home can offer you other financial incentives too, not just increased home value. The federal government offers a tax credit of up to $2,000 for most homeowners who use solar energy, and state governments can offer even higher rebates. Homeowners can use this savings for other investments in their home, including other energy efficient improvements.
It depends on where you are located, the age of your home etc. I have found that people like the solar options, they just dont want to pay for them. So comparing your hone to another home similar home without the solar panels, if the price is the same, they will consider it. If your home is priced a lot more or adding the price in, probably not going to sell.