Are you a homeowner who wants a smart home? What about solar panels? While you may not be entirely independent of the electric grid if you choose a grid-tied system, you will have a separate power source—the sun—that will power all the gadgets in your home. But there’s an additional question, “Do solar panels increase property values?”
Solar panels can significantly increase property values by enhancing a home’s energy efficiency and reducing utility costs. Studies show that homes with solar installations sell for approximately 4.1% more than comparable non-solar homes. Buyers are often willing to pay a premium for long-term savings on electricity bills and environmental benefits. Additionally, solar panels can make a property more attractive in the market, leading to quicker sales and potentially higher offers.
Not only will you lessen your carbon footprint, but you will also save money with your solar panels.
While savings on your energy bill will be significant, this isn’t the only way you can benefit from having solar panels. Having solar panels on your property can also increase the value of your home and probably sell it faster. This can be very important if you are planning to sell and buy a house at the same time. Here’s how solar panels add value while allowing you to go green.
Do Solar Panels Increase Property Values?
Do solar panels increase property values? Yes. In many cases, they increase the home’s property value by $10,000 or more. With the costs of energy bills consistently rising, homes that are energy efficient are in higher demand.
Homes with solar panels offer a high level of energy efficiency because homeowners don’t have to rely on the traditional grid to power their homes. And through net-metering, excess energy that their panels produce helps reduce their energy bill.
States Where Solar Panels Have the Most Financial Impact
If you are thinking about installing solar panels to improve the value of your home, you’ll be happy to know that there are some states where this will result in more bang for your buck. According to a recent article published by CNBC, here are the states where your home’s value will increase the most:
- New Jersey
- Pennsylvania
- North Carolina
- Louisiana
- Washington
- Florida
- Hawaii
- Maryland
- New York
- South Carolina
Are They Entirely Green?
If you are considering solar panels, you may do so because you want to be more environmentally responsible. You can certainly make an eco-friendly house by installing solar panels. Additionally, installing solar panels will reduce your reliance on non-renewable energy sources.
Unfortunately, solar panels aren’t entirely green. They have some hazardous materials that can cause pollution if dumped in landfills. However, when your solar panels become outdated, you can recycle them instead of trashing them, reducing the chances of solar panel parts ending up in landfills.
Government Assistance With Solar
If you are looking for a way to get more value out of your solar panels, it may be a good idea to get them while the federal government is offering a federal solar tax credit to help reduce the installation cost. The federal government recently extended the ITC (investment tax credit) by ten years.
In addition, the fed raised it from 26 percent back up to 30 percent this summer so that homeowners can continue getting financial help installing solar panels. So, those who want to save even more green while going green can use this federal program and other local and state programs their state may offer.
