If you're looking to save money on energy use, solar panels are the single most effective improvement you can make to your home. It's a growing trend that promises to revolutionize our relationship with the power grid and help us retain more control over our individual energy usage. There's also the incredible benefit to the health of our natural environment, which is not to be ignored.
But like any home improvement project, you will want to be aware of how the presence of solar panels will affect your home's value, should you ever choose to sell. So just how do installed solar panels affect home sales? Read on to discover the many factors involved and how to plan your solar panel installation accordingly.
Solar: A Great Return on Investment
The good news is that solar in general adds so much value to the home that the seller can recoup nearly all of the cost of installation. As outlined in Forbes, homeowners who received subsidies to install their solar panels typically were able to regain 97% of their investment upon sale of their home. This makes it an even better deal than a kitchen remodel.
Part of this is the everyday savings that solar panels provide. After six or seven years, the panels have often paid for themselves. The tax incentives are nothing to sneeze at either, providing annual savings both on federal and state taxes.
There's also the fact that the less dependent you are on your local electrical grid, the less you have to worry about power outages or oddly-fluctuating energy bills. The independence that comes with having control over your own source of power is an intangible, but positive benefit that will come in handy throughout the span of your home residence, especially in those areas where infrastructure is older and less maintained.
These are just some of the reasons why solar panels add so much value to a home. All in all, it's one of the better ways to increase your home value and reduce the amount of time the home spends on the market.
Which is Better for Home Resale, Buying or Leasing?
When making the decision to install your solar panels, you have the option of either buying the panels outright or leasing them for a period of time. Which one is better from a homeowner's perspective?
Leasing is a valid option for those who do not wish to engage fully with the maintenance and care of their panels, or for those who lack the funds to make the investment to buy. However, one thing to consider with leasing is that the contracts tend to be very long, on the order of twenty years or more. If you wish to sell within that span of time, you'll have to bank on your home buyer being willing to take on the lease. This is something many home buyers are loath to do.
Buying is almost always the better option. It is a substantial investment, true, but the cost is worth it in the long run. While you're still in the home, the subsidies, energy savings and tax credits will reduce how much you have to pay for utilities. Home buyers will appreciate the increased control an owned set of panels offers, for it gives them the option to freely retain or remove the panels at will.
Solar Panels are No Barrier to Home Resale
As you can see, there's no reason to hesitate on solar panel adoption if you're planning on selling your home in the future. With careful planning, it can be a net improvement on your home's value.
If you're interested in finding out more about solar panel installation, contact us today for a free consultation on how easy it is to begin the process of incorporating this great source of renewable energy into your own home.