We all know solar panels reduce your carbon footprint and increase your energy savings significantly, but did you know they can also increase your home’s market value? In this video Barry Durand, Green Home Systems Commercial Manager, answers the most common questions and explains how installing solar panel systems increases your property value.
Does installing solar panels increase the value of my home?
Yes, installing solar panels can significantly increase the value of your home. According to a study conducted by Lawrence Berkeley Laboratories in Northern California, homes with solar panels sell for tens of thousands of dollars more than homes without solar panels.
How much can solar panels increase my home’s value?
A study by Zillow found that homes with solar panels see a 4% increase in value. However, the exact increase in value can vary depending on factors such as the size and quality of the solar installation, the energy costs in your area, and the home’s location.
Why do solar panels increase home value?
Solar panels can increase home value due to their energy efficiency and cost-saving benefits. A home with solar panels can save homeowners significant amounts on their electricity bills, which can be attractive to potential buyers. The video compares the selling potential of a home with high energy bills versus one with almost no energy bills, using the analogy of a car that comes with free gasoline.
What are some other benefits of installing solar panels?
Aside from increasing home value, solar panels can help homeowners save money on electricity bills and contribute to sustainability by using renewable energy. They can also make a home more attractive to buyers who are interested in energy efficiency and sustainable living.
The installation of solar panels is not just a step towards sustainable living and energy efficiency, but it’s also a smart financial decision that can significantly increase the value of your home. As the data from Lawrence Berkeley Laboratories and Zillow suggests, homes equipped with solar panels are likely to sell for more than those without, making it a worthwhile investment.
