Solar panels are devices that absorb the sun’s rays and convert them to generate electricity through the photovoltaic effect. How solar panels affect a home’s value is one of the significant factors in whether it’s worth investing in the system, as well as the cost of electricity in the area, how the roof of a house is designed, weather patterns, and how much electricity the solar panels produce.
Read on to learn how solar panels affect the value of a home.
- Solar Panels Raise A Home’s Resale Value
It’s possible to see an increase in the resale value by USD$5,911 per kilowatt installed. That’s to say that your home’s resale value could increase by about USD$18,000 if, for instance, you installed a system of 3.1 kilowatts. According to the analysis of more than five million property sales, your home resale price can rise by half the amount spent installing solar panels.
- Solar Panels Help Preserve The Value Of Your Home
You can achieve this by ensuring that you can provide records of electricity bills before and after installing the panels to prove that they’re energy saving when it’s resale time. You can also preserve the value of your home by keeping records of the service provider who installed the solar panels and a justification of the permission for installation. The best solar panels are, indeed, an added advantage.
- Homes With Solar Panels Are More Preferable
Most people prefer houses fitted with solar panels because of the various benefits. Tenants, for instance, are ready to pay extra rent charges for houses installed with solar panels. Landlords use solar panels as a sure gamble to increase house rent and enjoy the advantage that their homes always find tenants to rent them; thus, they’re rarely vacant.
- Solar Panels Sustain The Roof
The roof’s life is extended when you install solar panels because they shield the top from elements that could wear it out, like rain, debris, and snow. If you plan to sell the house at some point, you’ll not have to fix the roof; thus, you won’t have a hard time determining the resale value.
- Ownership Status Of The Solar Panels
Whether the solar panels belong to the owner or are being leased will affect the value of a home. If, for example, the system is leased so that the purchase and installation of the panels are taken care of by the leasing company, the value of the home doesn’t increase.
- Age Of Solar Panels
How old the solar panels are and how they make the house look determines whether or not the value of a home increases. Ideally, solar panels are installed to last about 25 to 30 years. They could improve or downgrade the appearance of a house, and for that reason, it’s advisable to engage a surveyor to check the solar panels before purchasing a home with the panels installed.
- Reduction Of Energy Bills
Using solar panels reduces energy bills because, after installation, you don’t pay for the generation of electricity. Depending on the system you install, you’ll have minimal or no electricity bills to pay. You can save that money and use it to improve the appearance of your house, which will, later on, add to the value of the home.
- You Can Make Money From Solar Panels
You can install solar panels that generate enough electricity for your daily use at home and surplus to sell for a profit. When a potential buyer is informed that they can also make money together with saving on bills, it’s an excellent selling point for your house and a practical reason for selling the home at a higher cost than its initial one.
- Houses Spend Less Time In The Market
Houses fitted with solar panels sell faster than those without because more people opt for them for the benefits of reduced electricity bills and more extended service. Buyers quickly purchase houses with solar panels because of the probability that the home price can increase at resale time.
- Additional Accessories Improve The Value Of The Home
Depending on your service provider, you can have additional accessories alongside the solar panels. These accessories include smart meters to help you sell some electricity generated and batteries to store surplus power generated. People don’t mind paying more for energy efficiency and clean electricity. Installing solar panels for such privileges will increase the price of the house in the long run.
Conclusion
Installing solar panels has a positive impact on the value of the home. There are no costs related to maintenance because the panels are built with a special covering to repel dirt, water, and dust.
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