Do solar panels hurt the resale value of your home?

Solar panels add resale value rather than harm it. By investing in solar energy, you're making your home more energy efficient, which helps future homeowners save money on energy expenses. However, not everyone understands or even agrees with the benefits of solar panel homes. However, another study by the National Bureau of Economic Research estimated that homebuyers gave a 4% premium to homes with installed solar energy systems compared to comparable homes without solar energy.

Powering your home with solar energy can have a high initial cost, but there are many benefits that can make solar panels worthwhile. The market value of a home with pre-installed solar panels changes depending on the geographical location of the home. Logically, it would make sense for the value of the solar home to be significantly higher than that of the house without solar panels. Utility costs vary widely between regions, as do other solar energy policies, such as tax exemptions for solar property.

The homeowner pays a monthly lease payment to the builder or solar installer, since most builders partner with a solar energy provider. A solar panel system also has the advantage of increasing the energy savings of any other efficiency improvement you have made. However, the value of adding solar panels can be influenced by their location, system status, and state and local policies. NREL research has found that homes with solar panels sell 20 percent faster than equivalent homes that rely on the grid.

Solar panels last more than 25 to 35 years and, depending on where you live, can generate revenue and save costs. It offsets the initial cost of installing solar panels by allowing homeowners to claim 30% of the total cost of their solar project in their federal taxes. It's also worth noting that, as solar panels are becoming more common, prices are dropping and making installation more affordable and accessible. Contact a member of the ReenergizEco solar energy team today to learn more about installing solar panels in your home.

Not only will you save a ton of money on your electricity bills in the short term, but when it comes to selling your home, you can expect the cost of installing your home solar panel to recover in full. Many builders are taking advantage of this trend and are offering solar installation as an upgrade or building new homes with solar energy as the default energy source.