While investing in solar panels for your home can benefit the environment, reduce your electricity bills, and shrink your carbon footprint by generating renewable solar energy, their benefits can also extend toward the value of your property. Because solar energy is the future, savvy homebuyers researching properties for sale on the market are willing to pay more for a home already equipped with the in-demand technology. This creates a property value percentage increase between homes with and those without solar panel systems. However, there are a few factors that contribute to how much solar panels can increase the value of your property.
Value Increase Depends on Your Property Location
In most states, solar installations yield a higher return in active markets compared to less-developed locations. Thus, it’s useful for homeowners to evaluate their location before investing in solar energy.
According to a 2019 Zillow analysis, solar panels raise a home’s value by an average of 4.1% across the U.S.; however, several coastal metropolitan cities are enjoying even higher solar power price premiums.
- New York City, NY – 5.4% home value increase
- Orlando, FL – 4.6% home value increase
- San Francisco, CA – 4.4% home value increase
Regarding Florida’s statistics, the state average is only 4%, and yet it increases to 4.6% in Orlando. Therefore, Central Florida home and business owners wishing to benefit from the environment-friendly, cost-saving, and property value-increasing advantages of solar energy should plan to upgrade their property soon while sale premiums are high.
Value Increase Depends on the Size of Your Solar Installation
When adding solar installations, size does matter. According to various studies, solar panels provide value to homeowners when their capacity matches their property’s dimensions. In other words, the bigger your home, the more solar panels it can hold, so take advantage of your available space.
For instance, a 4,000 square foot home should fit anywhere from 24 – 30 solar panels, depending on the type of panel. Such a system would provide a solar array of 8,000 watts. If you’re unsure of the amount of panels you need, evaluate how much energy your household uses, the wattage of PV panels, and whether net metering is accessible.
Value Increase Depends on Your Current Property Value
Homeowners with solar panel systems should anticipate a tremendous response when listing their home on the real estate market. Solar home sellers can enjoy several advantages such as:
- Higher asking price than comparable homes without solar
- A faster transaction when selling a solar efficient home
- A 100% return on solar investment upon home sale
However, just because solar panels are a popular feature with prospective homebuyers, doesn’t mean they will make just any home fly off the market. In the same way that two-story homes or homes with pools can demand a higher market value, the current size and state of your home will also play a large part in your estimated property value and subsequent asking price. Having an efficient, pre-installed, solar energy system is simply the cherry on top for interested homebuyers.
Because a property value increase directly correlates to the quantity, quality, and location of your solar panels, the best way to ensure your home value increases with the addition of solar panels is to make sure your solar system is professionally installed.
Invest in Professionally Installed Solar Panels from PES Solar
To increase the value of your property and benefit both your wallet and the planet, rely on the expertise of PES Solar for your solar energy needs. With over 20 years’ experience, we know how to transition your property to a money-saving, eco-friendly asset. To enjoy a great return on your solar investment, contact PES Solar today at 386-668-4222.