Before you install solar panels, you should consider what impact they will have on your home value. Ultimately, any home updates should enhance your property's value. But how much will solar panel installation help — and is it worth the cost?
Keep reading to learn how going solar can affect the value of your home!
Solar Panel Benefits May Hinge on Location
How solar panels affect your home may depend on where you live. For instance, if you live in urban areas or a Country, like the United Kingdom, you may gain more in your home value from solar panel installation. But regardless of where you live, buyers will appreciate the addition of a sustainable energy source.
The home solar installation cost is well worth it. The price can be over $10,000 to install solar panels on larger roofs or oddly-shaped roofs. This is a lot of money, but rebates and other government programs can offset the price.
Electricity rates in your area may impact solar panel benefits, too. And understand that the more expensive units tend to be more efficient. That can translate into greater savings over time.
Know that solar panels can last 2 or 3 decades. That means that you won't have to deal with a replacement unless you live in a house for a very long time.
Consider the Incentives for Solar Panel Installation
You may be able to capitalize on some local or federal perks with solar panel installation. For instance, you may be able to tap into a federal solar investment tax credit (ITC). This credit may vary each year, but it was a whopping 26% in 2021!
You may be able to get income tax credits depending on where you live, too. Plus you may be able to get financing to install solar panels — and you'll recoup the investment when you sell your house.
Additionally, buyers will love knowing that they are doing something positive for the environment. Solar energy does not leave the substantial carbon footprint that other forms of energy do.
Going Solar Is a Home Upgrade
While curb appeal may be the first thing buyers notice with a home, they're also interested in other upgrades. When you're trying to highlight upgrades in your home listing, you can feature solar panels. Aside from bathroom and kitchen upgrades, you'd be wise to add solar panels to the mix.
Be aware that it may make more sense to buy solar panels rather than lease them, too. If you put your home on the market, a potential buyer may not want to deal with the lease. They may even request, as part of negotiations, that you buy out the remainder of the contract.
Solar Panels Can Be a Good Investment
Going solar is one of the best investments you can make. Not only can you slash your energy bills, but you also can raise your home's value. Prospective buyers will appreciate future savings. And they'll love that they are helping the environment at the same time!
For more tips to make your home even better, check back for the latest articles.
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