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June 8, 2021
The difference in property value between homes with solar power capabilities and homes without them is significant. Regardless of the aesthetic appeal, they serve a greater purpose. Making your own energy not only helps sustain the environment but also lowers the cost of your utilities. For those looking to increase their home value, investing in solar panels could be a great progressive and financially beneficial option.
Guide to benefits of solar panels
When considering investing in solar, the most common concerns come in the form of cost and installation, solar panel operation, and potential property value benefits. In the rest of the article, we’ll focus on these four things to address how energy-efficient homes’ equity can be increased.
Investing in solar
Solar panels can cost anywhere from $5,000 to $70,000 (before federal tax incentives). The price varies depending on the size of the property. Solar panels are a long-term investment and consumers sometimes have to wait up to six or seven years to earn a return on their investments. After that time period, solar panels can contribute to nearly free energy. Fossil fuels like oil, natural gas, and coal are all more costly, and solar panels rarely malfunction which keeps maintenance costs low.
It’s very important for homeowners to have their solar panels installed by certified professionals. The long-term investment will only be beneficial if the solar panels are implemented properly. Otherwise, it can cost more money to have repairs and maintenance done. Finding professional contractors who will make sure the project is done correctly can save homeowners on reinstallation costs of solar panels.
How solar panels operate
Solar companies usually outsource the installation to third-party contractors for both residential and commercial projects. These installations have many key factors that help the solar panels run efficiently in homes. For example:
- Battery storage: Due to high energy consumption and increasing natural disasters, blackouts are common. In the summer, many people lose power for at least a few days. Solar energy relies on batteries, which can be charged until sunset and used during blackouts.
- Net Energy Metering: Electric grids can store excess energy from residential solar panels, which is then shared with other homes around the neighborhood, in return for financial credits.
Property value benefits
Solar panels help the environment and keep the world safer from excessive greenhouse emissions. Americans spend the majority of their time indoors and their health depends on the indoor air quality of the buildings. Keeping homes safe from poor indoor air quality due to excessive energy consumption is necessary for a healthy livelihood and solar energy could play an essential role in that. For places with water scarcity, such as California and many other places around the world solar panels are beneficial because they are emissions-free and do not require water to function.
Homes with solar panels are seen as energy-efficient, meaning lower utility costs long-term, which draws additional attention from potential buyers, bumping up the home’s value. Homeowners can also deduct their solar installation costs from their federal taxes, which can be significant for many families living on a budget.
Many have seen great differences after investing in solar energy. Some have even seen their home value increase up to $30,000! Speak to solar professionals in your area to get a quote and find out how much solar power could increase your home’s value.