Value of Solar Energy & Solar Panels for Home
Whether you’re looking to refinance or sell your home, installing solar panels onto your home will positively affect your home’s value.
Research conducted by the National Renewable Energy Laboratory in 2015 showed that homes that have installed solar panels provide a premium of $3.11 per watt to the home’s resale value.
Solar panels for home prices have dropped over the years to where your home’s value would increase by nearly the same amount of the cost of installation.
The addition of a small 3 kW solar array would increase a home’s value by approximately $10,000.
The average residential solar installation is around 7 kW and would mean an added premium of over $21,000. In short, your home value will increase by as much as the cost of the installation itself. Of course, the exact amount varies by situation, but here are a couple of things to know:
Location, Location, Location
The more developed your area is in regards to solar energy adoption, the more profitable your installation will be. In metropolitan areas, the return will be higher than those found in less-developed markets. As the solar-energy market grows, so too will your profitability.
Bigger & Better Is Better
Property value increases are directly tied to the size of your installation and the quality of panels used.
If you’re looking to install a system onto your home and you have questions about how much it can increase your home’s value, contact one of our solar consultants. They can help you obtain a quote and walk you through the process, including discussing how much your system can add to your home’s value.
Do I need approval from my homeowners’ association?
Some homeowners’ associations have rules regarding the installation of anything on your roof or grounds. If you belong to a homeowners’ association, we will contact them on your behalf We just ask you to provide us the Homeowner's Association's contact info.