Are you thinking of getting solar panels for your property? Understandably, you probably want to know how it’ll impact your property value. Aside from affecting your property value, what else do solar panels mean for your property? Today, we’re sharing all about solar panels and what investing in them can mean.
Do solar panels increase the value of a house?
The short answer is, yes—solar panels really do add value to a house. Multiple studies have concluded that buyers are willing to pay more for a home with solar panels. Most of the cost of solar panels are upfront costs, then over time you save money—so when you buy a house that already has solar panels installed, you can start saving right way with no installation fees. If you are looking to increase your property value, installing solar panels is a sure fire way to do it.
How much do solar panels increase a house’s value?
Typically, a solar-powered home increases its value by about 3-4%. According to a study done by Berkley National Laboratory, home buyers were consistently willing to pay $4 more per watt of installed solar capacity. For example, a 6-kilowatt solar power system at $4 more per watt would mean an additional $24,000 to a house’s resale value. There are many different factors that go into the overall financial return on a property, but multiple studies have shown that solar power capabilities increase the value of a property.
How do solar panels save you money?
Solar panels can present a large upfront cost with installation fees. But over time you can save big as you save on energy bills. The average home with solar panels in American Fork, Utah is projected to save $5,000 over 20 years. Solar panels reduce your electricity bill significantly. To save money and have reliable electrical power for your property, install solar panels. Whether you’re looking to save for your home or business, solar panels are a great option for an property.
Why are solar panels a good investment?
Solar panels are a great investment for many reasons. Over time, it will save you money on your electric bills. The price of electricity is likely not dropping any time soon, making solar panels an even better investment over time. Solar power capabilities will increase your property value. Plus, you’ll get a tax break when you use solar power—saving you even more money. Solar panels are very durable—they are long-lasting and don’t require much maintenance. Aside from the financial side of things, solar panels are also great for the environment. Going green and reducing your carbon footprint is another great benefit.
To learn more about solar panels and what they could mean for your property, contact Rocky Mountain Renewable Energy! We can discuss options for your house or building to reduce electricity costs and ensure reliable energy. Go green and save some green with solar panels.