Do Solar Panels Add Home Equity?
Do solar panels add equity to your home?
The short answer is yes, solar panels will add value to your home.
Solar panels save people thousands of dollars in electrical costs over the life of the panels. In some cases, they can eliminate electric bills altogether.
PV systems add between $2,680 and $4,310 per kW of value to a home, according to a study from Lawrence Berkley National Laboratory.
This means a 5kW system can add between $13,400 and $21,550 in positive equity to your home
What About Property Taxes?
Some states have property tax exemptions for solar panels to ensure that where your home value will increase, your property taxes will not.
You can look into your state’s solar incentives using the Database of State Incentives for Renewables & Efficiency website and searching for your state.
So Why Doesn’t Everyone Have Solar Panels?
I know! Right?
The problem most people run into is the lack of knowledge by the local Real Estate professionals and appraisers on the value of home PV systems.
In some areas, solar panels aren’t as common. If you are thinking about adding panels to your home to increase its value, make sure you have a realtor and appraiser who are familiar with PV systems, in the event you want to sell your home.
Solar panels are a sound investment. They save you money while you’re in your home and make you money when you go to sell your home. Homes with solar also spend less time on the market than homes without solar.
If you’re ready to learn more about your solar options contact Hirst Solar Consulting today.
Hirst Solar Consulting will take a look at your electric needs and build a custom proposal that outlines just how much you can save by having a PV system installed.