Will Solar Panels Increase My Home Value?

For the past few decades, homeowners across the US have considered going solar. Throughout the 2010s, solar panel installation became cheaper and more efficient. This evolution made people more open to purchasing solar panels.

This change is crucial, as the central concern most people have about solar energy is its cost-effectiveness. Sure, it’s nice to help improve the quality of the environment. However, will doing so help to save you money?

As it turns out, solar panels can both save and earn you money. They earn money by increasing your home value, helping to make them a worthwhile investment. If that catches your interest, then read on to learn more!

So, don’t waste any time and look into the TXU energy plans to discover which one would best support your solar panels and help you reap the greatest benefits.

Increase Home Value With Solar Panels

Many home improvement projects help to increase your property value, and solar panel installation is one of those improvements. It falls in a similar category as adding a back deck or remodeling your bathrooms.

While data shows that solar panels increase home value, they vary on the precise increase. A 2019 study carried out by Zillow showed that houses with solar panels sell for 4.1% more money. 

For the average home, this adds a value increase of roughly $9,000. However, this study showed that prices varied according to location. We’ll examine possible reasons for this in the next section. 

Factors That Affect Added Resale Value

While the data demonstrates that solar panel installation increases home value, it also shows that the amount varies by location. Several factors seem to affect this. One significant component is the varying cost of electricity in different areas.

In places with higher electricity costs, solar panels often offer higher premium increases for your home. They do so because solar panels help homeowners save more money on electricity.

Another reason for variation can also be the climate of the region. Solar panels tend to work best in places with regular sun exposure. 

Let’s say you visit https://blueravensolar.com/north-carolina/raleigh/ to get solar panels in North Carolina. These panels will likely function efficiently and add home value due to the state’s climate. However, installing solar panels in overcast and mild Washington state won’t pay off as much.

What About Leased Solar Systems?

You may not know this, but many homes lease solar panels rather than purchase them. Leasing your panels saves you from high purchasing costs. Instead, you pay a fixed monthly rate for your solar electricity.

There are benefits to leasing your solar panels, but they become a pain when you want to sell your home. The same Zillow study from before showed that potential homeowners were warier of leased systems. As a result, they were less willing to pay higher prices.

Invest In a Solar System Today

If you’re on the fence about installing solar panels, we urge you to reconsider. Buying solar panels can significantly increase your home value, making it a wise long-term investment. 

Moreover, you benefit from lower electricity costs each month until you sell your home. While solar costs can be pricy, they provide enough benefits to compensate.

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