Thinking of going solar but still have questions regarding the impact to your home’s value and resale ability? If you have questions specific to your home, always feel free to call our specialists at (916) 853-2700. We’re standing by and ready to help!
In the meantime, here are the answers to two questions that we get often regarding homeownership and the switch to solar:
Q 1) You’ve heard time and time again that switching to solar will increase the value of your home, but is the increase enough to make the switch worth it?
A 1) According to a study Berkeley Lab performed between 2012 and 2013, home buyers are willing to spend an average of $15,000 more when a home has solar panels already installed. Combined with the monthly savings you’ll receive instantly on your power bill, the value of your new solar system more than pays for itself.
Q 2) If you install the panels, but don’t move for several years, will the value of my solar panels go down?
A 2) Berkeley also found just how much people were willing to pay depending on the age of the solar system. If it was a new system, they were willing to pay an average of $6 per watt. If the system were 8 years old, they were willing to pay an average of $3 per watt. However, on average a solar system pays for itself in 7 – 15 years. Any savings or return on investment from the sale of your home after that is just icing on the cake.
If you’d like to read more on Berkeley Lab’s report visit: https://emp.lbl.gov/publications/selling-sun-price-premium.
Still have questions regarding the impact of solar panels on your home’s value? We’d love to answer questions specific to your home. Contact us for a free, 20 minute consultation: 916-853-2700.