Solar energy is a great way to reduce reliance on traditional energy sources while potentially providing long-term savings from lower electricity bills. But can solar panels also increase the value of your home when it comes time to sell?
The answer is complicated, but in general, installing solar panels can increase your home’s perceived and actual value. Solar energy can be sold through net metering, though in some cases it may be beneficial to connect to the grid and pass those savings on to potential buyers.
In addition, if you are considering selling your home in the near future, great looking solar panels can give it fantastic curb-appeal that could drive buyers’ interest and fetch you a higher price than before.
How Solar Panels Increase Home Value
The energy generated by solar panels can be sold through net metering, which is when utilities allow the use of solar energy either in a temporary or permanent way. This is an attractive feature for buyers, particularly in today’s green energy-minded environment.
Solar energy is seen as a bonus when you’re ready to move because you can pass on the savings that you’ve realized over the years to the next homeowner. Depending on local rules and regulations, net metering credits often can’t be passed on directly to the buyer. In any case, future potential savings can still offer a valuable incentive to buyers.
Curb Appeal
If you’re planning to sell your solar-powered home in a few years, great looking solar panels can really give it a boost in the eyes of potential buyers. Imagine driving up to a solar panel-decked house. The natural assumption the buyers make is that you must have taken great care of it and invested additional money in energy-efficient measures.
Think of the cost of a full roof makeover only with traditional shingle roofing instead of solar panels. Curb appeal means a lot, and solar panels tops the list of contemporary trends in residential architecture.
Where Solar Panels can Reduce Value
Every home in every state and jurisdiction is affected differently by the impact of solar power. In some locations, homebuyers may not offer as much of a premium for solar panels. In some locations, the cost of installation may be higher than that of estimated savings from electricity costs.
Bear in Mind
- Every state and jurisdiction is affected differently by solar power
- Solar energy can be sold through net metering
- Solar panels can give a home a boost in the eyes of potential buyers
- Solar panels may not increase value enough to offset installation costs
Is Going Solar Still Worth It?
In most ares, the answer is yes. Despite the fact that solar panels may not increase the value of your home enough to cover the cost of installation, the long-term money-saving potential of solar power can’t be ignored. Although you might not make back as much money as you’d hoped, you could get more for your home than you would have otherwise, and you’ll still benefit from cheaper electricity in the meantime.