The money-saving value of a solar power system is obvious. Whatever the initial investment might be, what the homeowner gains back in reduced utility costs over time and the tax rebates and other possible incentives, makes solar energy a clear economic winner.
But there is another financial benefit of solar that many overlook, and that’s its effect on the value of a home.
Just think about it: if you purchased and installed a solar photovoltaic system (solar roof panels) in your home, you’ve eliminated the need for a future buyer to obtain power from the grid. That hypothetical home buyer’s energy bills have already been slashed down to a pittance and he didn’t have to lift a finger to make it happen.
Solar Energy And Home Value: Facts And Figures
There have been studies carried out to quantify the added value associated with solar, and their results have proven what intuitively we would expect to be true – a home that features solar power energy production is more valuable than a home that doesn’t.
The National Bureau of Economic Research studied the solar question on a nationwide basis, and found that photovoltaic systems on average boost a home’s final sale price by 3.6 percent. In other words, you can expect a home that would normally go for $100,000 to sell for $103, 600 if solar panels are included in the deal.
But of course an average home price is made up of individual houses that sell for more or less than that number. So it is natural to ask, what gives a solar-powered home the biggest edge on the real estate marketplace?
The answer to this question, it turns out, is a favorable size-to-age ratio. According to statistics compiled by California’s Berkeley National Laboratory, each additional 1-kW of extra generating capacity in a residential solar energy system is associated with a $5,911 increase in the expected sale price premium, while each year of additional system age is responsible for a $2,411 reduction in the size of the expected premium. In the context of this study all solar energy systems are shown to boost the expected sale price of a home (that is what ‘sale price premium’ means), but the bigger and newer the system is, the larger you can expect your home’s final value to be.
Another factor in solar’s favor is the turnaround time. A study carried out by the Colorado Energy Office found that homes with solar energy systems tend to sell much quicker than those supplied with power by the grid.
Learn more about solar power for your home with this helpful consumer’s guide!
Looking For Solar Energy In Peoria, Arizona? Contact Cool Blew Inc. Today
When the numbers are all crunched the final outcome is clear. If you install solar energy panels in your home it will increase your net income and worth over the long-term, by saving you energy and enhancing the resale value of your home.
If you live in or around Peoria, Arizona and are intrigued by the promise and the possibility of solar, please contact the solar energy experts at Cool Blew Inc. to discuss your options. We’ll answer all of your questions and supply you with all the information you require to discover if solar is right for you.
Find out if solar is right for you in: 10 Things To Know Before Going Solar
