An increasing number of homeowners are installing solar panels to save money. Better for the environment and capable of generating around half the electricity needed to run an average home, solar panels have obvious benefits. But when buying or selling a home, solar panels can add some complexity to the transaction. Here you will find what the the benefits of solar panels for your home are
As a buyer or a seller, you should be aware of both the benefits and problems related to solar panels as you enter the market to buy or sell. The more informed you are, the easier it will be to make decisions that are sound both over the short and long-term. One question real estate agents often get is, do solar panels increase property value? As much as solar companies would like you to believe otherwise, this is not a yes or no answer. If you ask any solar power company, they will tell you without question that solar panels do increase a home’s value. Not so fast!
The answer to this question depends on some factors including:
- Whether the solar panels are leased or owned.
- What part of the country you live in.
- The type of home you own.
- What the starting value of the home already happens to be. (Higher- priced homes tend to receive more value).
- How much energy you will be saving.
Understanding solar power when selling or buying a home is not difficult, some of the nuances, however, may surprise you. Keep reading to learn what you need to know about solar powered homes.
What are The Benefits of Solar Panels for Your Home
There is no doubt that solar panels can be beneficial under a lot of circumstances. For instance:
Solar panels can produce a surprising amount of electricity. The amount of electricity generated can vary depending on several factors, including the type of solar panel, the number of panels in the system and the amount of sunlight available. Generally speaking, a typical solar panel system can produce enough electricity to take care of at least half your home’s energy needs. When adding a solar panel system to your home you get bids from multiple companies and compare the results. The solar company you interview should provide an estimate of how much power their system is going to produce based on annual statistics the company knows from some different factors: the weather in your area, the angle of your roof, and its orientation to the sun. These factors will determine the size of your system and how much electricity, on average, it will produce each year.
Solar panels can help you save on energy costs. Electricity is not getting any cheaper. A solar panel system that takes care of half your home’s energy needs will mean you pay around half your average electricity bill – for as long as the system is functional, which can be decades. The more energy you save, the quicker the solar panel system pays for itself. Believe it or not, it is possible you will not have an electricity bill at all when you have solar panels. Read here for more energy saving tips around the home.
Biggest benefits tied to how expensive energy costs range in your area. Not surprisingly those homeowners who have the largest current electricity bills are going to reap the most significant benefits for adding solar power to their home.
What others are saying?
To get other opinions on whether solar panels will increase the market value of a home, I reached out to some top real estate agents across the country, along with a well-respected appraiser.