Yes, but only if you own your solar power system. Many studies show installing an owned solar system on a home increases that home value by between $3 and $4 per watt installed. The same cannot be said for leased systems, however, which may be regarded as legal “encumbrances” that can interfere with the sale of a home.
According to the National Renewable Energy Laboratory, each additional $1 in energy bill savings from your solar installation adds $20 to your home’s total value. However, it’s important to note that the exact numbers vary from property to property and installation to installation, depending on the following factors:
- The location of your home. Installations in active solar markets tend to yield higher returns than comparable installations in less developed markets. For example, a home in New Jersey would have a higher yield than a home in.
- The size of your installation. Property value increases are directly proportional to the quantity and quality of solar photovoltaic energy (PV) panels installed.
- The value of your home. Larger houses usually receive higher nominal boosts in property value. However, this increase often represents a smaller percentage of the total home value.
Solar energy is a modular technology, meaning you can install any number of panels you’d like. Each new kilowatt brings you even bigger electricity bill savings. Countless Americans pay $0 a month to their local utility because of solar energy.
Installing solar panels not only helps you getting a higher asking price, but it can also help your home sell 20% faster than properties without solar installations.
Installing solar panels is one of the safest and wisest investments you can make because you will enjoy electricity bill savings over the solar PV system’s 10-25-year lifetime, and it adds value to your home.
However large the installation, you can expect to save more on your electricity bill as time goes on. As utility rates increase, clean energy from the sun remains consistently free. Solar is an investment that pays increasingly large dividends with each year that passes.
If you’re going to make home improvements, installing and using solar energy is one of the best ways to do it. As long as you remain in your home, you will enjoy lower energy bills. And, when it’s time to sell your home, you recoup 100% of your investment due to your property’s higher asking price.
With the right sized installation, solar energy is an investment that potentially pays a 200%+ return. And, unlike most investments on the market, you can enjoy those returns immediately, while adding value to your home.
Visit our Residential Solar page to learn more about how using solar power can add value to your property.