The National Renewable Energy Laboratory offers a useful guide when determining how much your property’s value will go up. According to its research, each additional $1 in energy bill savings (from your solar system) adds $20 to your home’s total value.
This rule of thumb varies depending on a number of factors, including the location of your home, the size of the installation, and the value of your home.
The exact numbers vary from property to property and installation to installation, but recent research shows an average increase in resale value being $5,911 for each 1 kilowatt (kW) of solar installed. In a state like California, for example, a small 3.1-kilowatt (kW) system can add an average of $18,324 to the value of a medium-sized home.
The property value advantages of solar energy only increase as you scale up. Installing 5kW of solar panels adds an average of $29,555 to the retail value of a medium-sized home.
It’s important to note that these statistics only apply to today’s housing prices and utility rates. As electricity prices go up (as they most certainly will), the advantages of solar energy rise proportionally as well.
In addition, installing solar panels not only helps you fetch a higher asking price, but it can also help your home sell much faster than properties without solar installations. For homeowners who want to accelerate the selling process, going solar can be a huge advantage.
With the right-sized installation, solar energy is an investment that potentially pays a 200%+ return – far an excess of most any other financial vehicle you can imagine. And unlike most investments on the market, you actually begin enjoying those returns on Day 1.
Add value to your home, save money, and improve the environment by going solar! Request your no-cost consultation today!