Along with being an environmental decision, installing a home solar energy system is an economic decision that can deliver long-term value.
One of the most common reasons that homeowners choose to invest in a photovoltaic solar system is the reduction or elimination of electric bills. And, this is a measurable savings that you can enjoy every month. However, there’s another economic perk when it comes to adding a solar system. It’s a good real estate investment that can increase your home’s value by three to four percent. In a study conducted by Lawrence Berkeley National Laboratory, 4,000 homes with solar energy systems in eight states were analyzed. In states like Arizona with consumers that are familiar with solar power, the study showed that buyers were willing to pay a premium of $12,000 to $15,000 for a home with an installed system.
And as real estate agents and brokers gain further understanding of the true value of solar, this premium will likely increase. In other words, installing a new solar power system can create both immediate value with reduced utility bills, as well as long-term value with an increased home appraisal.
Of course, it’s important to have a professional installation. Homebuyers will want documentation that the installation was properly executed and understand the details of any applicable warranty. As well, they will want proof that the system is a cost-saver, such as past electric bills that detail the reduction in energy consumption.
Want to learn more about how solar can impact your home’s value? Give Cool Blew Solar a call today. We can assess your home’s particular characteristics to determine how much you can potentially save on monthly utility bills, as well as the increase you may see in property value.