New homeowners have a lot to consider when it comes to buying a house, but what about the current homeowners thinking of selling? Even if
Adding solar panels to your home is a great investment for all homeowners, whether you are planning to stay in your house forever and gradually watch your electric bill fall or there is a possibility of selling your home and you want to make smart choices now that will pay off later. Along with renovating the interior of your and making other types of upgrades, adding a solar system to your house will make it more appealing to sellers and more appealing in re-sale value. Along with increasing the rate at which your home will sell, studies show that the value of your home will increase by thousands per kilowatt of panels on your roof. The increased value averages at $4,020 for each 1-kilowatt panel installation and a 5-kilowatt panel system can add up to an average of $20,100 of market value to a midsize home.[1] These values along with a lower exposure rate on the actual market and the promise of practically making a 100% return of investment on the solar energy system are great incentives for homeowners looking to make smart financial decisions for a potential future sell.
Much like the factors one must consider when adding solar panels to their home, similar aspects apply when thinking about the benefits at the other end of the spectrum — the re-sale value. A major one is the state in which you live. It is no secret that certain states have taken a lead on solar and other sustainable energy incentives, but in terms of real estate and residential use, what states are going to have the larger impact?
Beginning in 2020, California has initiated a state-wide mandate stating that all new single- family homes and qualifying low-rise apartment buildings must be built with the addition of solar panels.[2] California is the first state in the country to take this step in requiring the use of solar energy. While California residents are the first to be under a mandated requirement for solar, other states are still proving to be taking strides by the amount of solar seen in the residential home real estate market. According to Zillow, New Jersey, Pennsylvania and North Carolina are currently holding the top three spots in the list of states offering the highest solar premiums in the median-valued housing market.[3] Between the three states there is an average of 6.5% or $16,622 as the solar premium for homes with New Jersey holding that top spot at a percentage of 9.9% or $32, 281.
There are many benefits to changing over to a solar energy system within your home and even if moving and selling that home isn’t on the forefront of your plans, it is definitely something to consider when making that initial investment. Tackling that pesky electric bill will be the first big win after making the switch, but the long term pay back of your ne panels will surely be a close second.
[1]https://www.solar.com/learn/do-solar-panels-increase-home-value/?utm_source=searchengine&utm_medium=organic&utm_campaign=redirection [2]https://www.marketplace.org/shows/marketplace-tech/new-california-homes-must-have-solar-panels-not-everyones-feeling-so-sunny-about-that/ [3]https://www.cnbc.com/2019/10/05/solar-power-can-boost-a-homes-value-in-these-10-states-the-most.html#:~:text=Installing%20solar%20panels%20in%20a,valued%20home%20in%20the%20U.S.
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Solar Opportunities is a Full-Service Solar Consultation, Design and Install company services Pennsylvania. Our cutting edge design platform enables inquiring minds to access all the information they need to know in a clear, transparent fashion in a short amount of time. Systems can be designed from satellite imagery for residential, commercial and agricultural properties. For more information, visit us at https://www.solaropportunitiesllc.com, email us at info@solaropportunities.com or call us at 570-637-6384.