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Do Solar Panels Increase Home Value?

Do Solar Panels Increase Home Value?

October 5, 2021

There are many benefits to installing a residential solar system within your home. These include state and federal solar incentives, expanded control over your home’s energy usage, potentially lowering your monthly electric bill, and much more.

But can solar panels actually increase the value of your home? In short, yes, solar panels can potentially raise the market value of your home, but it does depend on several factors. 

So, in today’s blog, let’s explore whether or not solar panels can make your home more valuable when on the market.

buyers willing to pay a premium of 15k For Homes With Solar Panels

The Short Answer, Yes!

According to the United States Office of Energy Efficiency & Renewable Energy (EERE), “buyers across the country have been willing to pay a premium of about $15,000 for a home with an average-sized solar array,” meaning that solar homes tend to sell at premium prices. The EERE goes on to explain that homes with residential solar systems also tend to sell quicker than those without.

It is important to note that this statistic may represent the best conditions possible to sell your solar home. So, let’s go over a few questions that should be answered when determining whether or not solar panels can increase your home’s value.

H2: A Few Basic Questions To Ask Yourself

Do I Own or Lease My Solar System?

Many homeowners that have purchased solar, especially recently, do not own their panels outright as of yet. This means that prospective home buyers may have to consider whether owning a solar home is worth buying into a lease. 

Do I Own Solar Battery Storage?

Recently, while optional, solar battery storage systems have become extremely popular and beneficial components of home solar. With greater control of the home’s energy usage and the ability to save excess solar energy, battery storage can potentially amplify all the benefits that make solar power so appealing. 

It’s a safe bet that if your potential buyer is interested in purchasing a home with pre-installed solar panels, they may greatly appreciate and even pay extra for solar with battery storage add-ons.

Do I Own a New or Older Model Solar System?

As solar panels evolve, the solar industry continues to innovate in both the residential and commercial sectors. As a result, solar systems continuously become more effective and efficient, limiting their footprint within or on the home. Newer solar systems also tend to require less maintenance and effort from the buyer once they receive the keys to the house.

So, if you are looking for the means to increase your home’s value on the market, you may want to consider upgrading your current system. Be sure to keep a watchful eye on your budget to ensure that you’re maximizing your return on those upgrades/renovations. 

A Buyer-by-Buyer Basis

At the end of the day, however, an increase in your home’s value is dependent on the potential buyer. While many people would be excited at the prospect of purchasing a home with a pre-installed residential solar system, others may not deem it worthy of paying the premium.