Solar Panels Could Add Up to $15,000 to the Value of Your Home
For many, one of the main hesitations before investing in solar panel installation is a worry over how the panels will affect the value of a home. We’ve always assured our clients that installations actually tend to boost your home’s value, and now the U.S. Department of Energy’s Lawrence Berkeley Laboratory is backing us up.
The Berkeley Lab studied home sales in eight states between 1999 and 2013. They found that to home buyers, a solar panel system is worth $4 per watt — or roughly $15,000. This information combined with lower utility bills and current solar energy tax incentives makes right now a great time to consider a home solar system. Thanks to grid-tied solar panels, using power at night or on cloudy days isn’t a problem. Extra energy generated by your panels but not used is credited on the grid and becomes available to you when you need it. Not only will the system pay for itself in just a few years, but it will also increase your home’s worth when it comes time to sell.
Owning a Home Solar System
The report goes further to state that this value isn’t always true for homeowners who lease the panels. In fact, leased solar panels are considered a liability and could actually take value away from your home. That being said, it may not be worth it to take on a 20 year lease for a home solar system. Instead, talk with the company and do some research into local tax incentives to better understand your options for owning the solar panels. Everyday solar panels become more affordable.
For more information, read the full article at Daily Finance.