Will Solar Panels Increase the Value of My Home?December 23, 2022
The decision to invest in solar energy is one that affects both your finances and your home. Many people question whether the decision will aid them in the long run or question if it is worth investing in if plans to move are in the near future. No matter where you are in your home-owning journey, you can be confident that the decision to switch to solar will pay off in every circumstance, keep reading to learn why.
Having a solar system installed on your home will increase its value by about 4 percent on average. The exact figure is calculated by the original value of the home, but for many homes this can add nearly $10,000 to the home’s overall value.
Some states offer premiums on values for homes that have solar systems installed, such as New Jersey at 9.9% and North Carolina at 4.8%. Interestingly, California made history when it became the first state to require all new homes built in or after 2020 to incorporate some form of solar energy, a large step in the direction towards a future based on renewable energy.
The reality of the world we live in is that our current fossil fuel energy sources are not sustainable, not to mention they only get more expensive as time goes on due to world events and local politics. For this reason, many people who are in the market to buy homes specifically prioritize solar energy, as well as other green and eco-friendly amenities. Additionally, potential buyers will be attracted to the tax credits they will earn with a home equipped with solar power. In Massachusetts, the original homeowner gets the tax benefits for solar systems installed, however, through the SMART program payments are transferred to the new buyer, a win-win.
When your home is equipped with solar energy you are able to appeal to a much larger market and charge a higher price. A home with an existing solar energy system provides two things: a history of energy production and proven savings, therefore a simple calculation of future savings. Those savings can be shared in higher home pricing. With the changing of legislation, it will likely not be too long until more states start to incorporate incentives and requirements for homes and solar energy.
Even if you are on the fence about selling your house, solar energy remains a great financial investment. While you remain in your home, and take your time to map out your next exciting life moves, consider having a solar system installed. A system would not only start to immediately cut electricity costs, but also will significantly increase the value of your home should you decide to sell down the line. There is no drawback to investing in solar, no matter what stage in your home owning journey you are at.
If you are interested in increasing the value of your home, contact BlueSel today and get an instant and personalized estimate.