If you’re thinking of installing solar on your home, you are probably asking if it will really increase its value. From current research around the country the answer is a definite, YES!
Many homeowners, buyers, and appraisers know that solar panels and solar batteries add market value. One study confirmed that the increase in resale value increased by $5,911 for each kilowatt of installed solar. An older study estimated the increase at 4.1% of the home’s value. What is certain, is that the location of the property directly correlates to the increase in home value. For example, currently in New Jersey, the estimate is 9.9% for a median priced home. In states like Florida, Washington, Hawaii and most of California, the increases range from 4 to 5% of the median priced home.
There are a number of other factors that influence the Value-Add of solar panels. Here are the most important:
- Geographic Location: There are variations in energy costs within states, and even communities due to the utility costs. Geography also affects the amount of sun that will feed the panels.
- Installation Prices: If a new system is costly to purchase because of installation prices, buyers may opt for the home with existing solar. (However, with current financing options they might be able to roll a brand-new system into their new mortgage.
- System Age: The longer you have your solar system the more benefit you’ve had over time in energy cost savings. But at the time you sell, you’ll need to factor in depreciation.
- Replacement Value: In tandem with the age of your system, will it be difficult to replace parts for the system as it has aged.
Let us answer all of your questions. Go solar with Mirasol Solar and save now and long into the future. Talk to our sales staff or visit us online for more