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How Will a Solar Energy System Impact My Homeandrsquo;s Value?
Solar power is a clean, plentiful and renewable source of energy that continues to grow in popularity. Though it still represents a significant upfront investment for those buying the system outright, the technology has never before been so efficient, inexpensive or readily available. Nonetheless, this initial cost has many homeowners asking – is solar really worth it? In addition to the many environmental benefits solar has to offer, it is also certain to boost your homeandrsquo;s value.
What Solar Panels Will Mean for You
A 2019 study conducted by Zillowandrsquo;s real estate listing website suggested that homes with solar could see as much as a 4% increase in sale price versus comparable properties.
That said, there are several factors that impact what an individual may experience:
- Location: Homes located in areas where solar is particularly popular will naturally see a higher return on investment than those where solar is not as common.
- Size of the system: The increase in property value will have a direct link to the number of solar panels your roof can hold, as well as the quality of those panels. It is important that the system be able to reasonably support the electrical needs of the home. A study completed by a team at Berkeley Lab suggests that you can expect just under $6,000 added to your homeandrsquo;s resale value for each kilowatt of solar added to the system.
- Average energy consumption: This is perhaps the most straightforward metric. All energy generated by the panels and therefore not purchased through the utility company, is value added to the property.
- Panel quality: As you can imagine, solar panels with less efficiency or shorter lifespans are going to add less value than those that are superior in those areas. Solar panels are very much an investment and should be approached with thorough research and care to maximize your return.
Energy Is Value
The world is changing in a myriad of ways, but it is virtually guaranteed that we are going to continue needing access to reliable sources of energy. More and more, solar panels are considered an exciting selling point throughout the country – there are even some areas where solar is considered a must-have. This move toward renewable energy sources is only going to accelerate as time goes on and homeowners now have the opportunity to be ahead of the game.
Want to learn more about how solar can improve your home? Give us Valley Heating, Cooling, Electrical and Solar a call at (408) 868-5500 today!