For homeowners and business owners looking to switch from traditional utility power, solar panels provide more than just green solutions for getting off the grid; they can actually increase the value of your property.
Research conducted in 2015 by the Lawrence Berkeley national laboratory, a research laboratory affiliated with the U.S. Department of Energy, has found that homes equipped with solar panels in California were valued at 4% more than homes that were not.
According to the research, on average, homebuyers are “consistently willing to pay PV home premiums” of approximately $4 per watt of installed solar capacity. For a standard 6-kilowatt solar PV system, this means that solar can add $24,000 to your home’s resale value.”
The value of solar panels is found in more than just curb appeal; in areas where electricity rates are high, homeowners may be able to make use of energy rebates issued by public utility companies and local, state, or federal energy department incentives such as the Residential Renewable Energy Tax Credit.
While there are certainly plenty of ways to offset the cost of a solar panel system, the overall installation costs have declined 5-7% per year since 2005. The U.S. Department of Energy has tracked the average cost per module for solar panels in residential, commercial, and utility settings over the last 20 years. Since 1998, the price per module for a residential installation has plummeted from nearly $12 per panel to less than $6.
However, these significant drops in solar panel costs have caused the government to begin to cut back on tax credits. For homeowners that are considering adding solar panels to their home, there’s still plenty of time to take advantage of these credits. Systems in place by the end of 2019 will still qualify for 30% of the installation cost; the credits will drop to 26% for systems installed before January 2021, and 22% for installations prior to January 2022.
If you’re thinking of adding solar panels to your home to increase its value, reduce your reliance on the utility grid, or to attract a green energy-friendly buyer, now is the time to take advantage of the declining costs of solar panel installation, while maximizing tax credits and rebates.
To learn more about switching to solar power, or to find the right residential or commercial solar system for you, contact TerraSol Energies at 888.873.9995 or visit us online at http://www.terrasolenergies.com/.