According to the US Department of Energy, homeowners who elect to install solar panels reap financial benefits from their environmentally-sound decision. Other benefits can include increased property values and greater desirability from potential buyers.
Lawrence Berkley National Laboratory, a preeminent US government scientific institution, also conducted a study about the financial value solar panels can bring to residential properties.
Their 2013 study found that potential buyers would consider paying $15,000 more for a home with a photovoltaic array than one without.
Nine years later, a CNBC report found that in some states the bonus value from a solar panel could exceed $30,000. For example, a homeowner in New Jersey with a PV system could ask for an additional $32,281 from prospective buyers.
Why Home Buyers Pay More for Homes with Solar Panels
Home buyers have many incentives to purchase homes with solar panels, including:
All these factors contribute to the resale value of a home with PV panels, and a good residential real estate agent can help tell a great story about how solar panels fit into the bigger picture of the transaction.
Factors Which Boost Resale Values for Homes with PV Installations
According to the Berkley Lab study, the following factors contribute to the boosted resale value of homes with solar panel installations:
With the right mix of system output and high retail electricity rates, homeowners looking to sell their PV-enabled properties can enjoy outsized financial benefits.
Integrating Your Solar Panel Installation into Your Home
However, one factor that can affect the resale value of homes with solar panels installed revolves around poor installation. Failing to properly integrate each component with the design of the home and layout of the property can reduce the total potential value boost from the panels themselves.
An experienced solar installation expert can ensure that the system blends seamlessly with all the distinct elements of your property, including the structure itself and landscaping.
Complexities of Selling Homes with Solar Panels
An experienced agent and appraiser can help to navigate the complexities of selling a home with solar panels. Additionally, you should work closely with your installation team to understand the total financial value of your system, the local energy market, and any available incentives from both the state and federal governments.
Contact Harmon Solar today to schedule a consultation about a solar power system for your property!