If you’ve been thinking about going solar, you may be wondering about how it can impact the value of your home. And, you may also have concerns about whether you are likely to stay in your home long enough to recover your investment in solar energy. These are fair questions, and we have answers.
First, the fact is, no matter how you slice it, that solar produces electricity that would otherwise need to be purchased from a utility company. And, it’s important to note that solar generates the most energy when it’s needed the most and when electricity from a utility costs the most – during those hot Arizona summer months.
According to the most comprehensive report regarding solar resale value, published by Berkeley National Laboratory and funded by the US Department of Energy’s National Renewable Energy Laboratory, buyers are willing to pay $15,000 more for a home with the average-size solar photovoltaic system. Sandia National Laboratories corroborated this finding when looking specifically at the sale of real estate with solar panels in Arizona.
Online real estate database provider, Zillow, also weighed in on the topic. In a recent study, Zillow Research concluded that homes with solar energy systems sold for 4.1% more on average than comparable homes without solar power. For the median-valued home in Phoenix, that works out to be nearly $13,000.
If you’re not sure how long you’re going to stay in your home, these studies indicate that you’ll likely recover your investment in a solar system. And, when you calculate in the federal tax credit, your ROI will be even greater.
If you’re considering solar, it’s a good idea to crunch the numbers, especially if you’re planning to move in the next couple of years. Even if you are, it is likely that you’ll still come out ahead. And, in the meantime, you’ll benefit from the savings you’ll gain every month by not having to pay a rising utility bill.
Call the experts at Cool Blew Solar today to find out more about solar for your home.