In general, homeowners want to know if any change to their residence will result in a better resale value. This makes sense because no one wants their home to be worth less when it is time to sell it.
One main advantage of solar panels is that they are already beneficial even without taking this into consideration. After all, they are guaranteed to bring down the monthly power bills already. However, is it true that they can also result in a higher resale value once the house is listed?
Resale Value of Solar Homes
Zillow, the tech real-estate marketplace, conducted research whose findings verify that this is the case. According to the study, houses with installed solar panels had a 4.1% higher price on average than those without. When it comes to the median home, this means an additional price of $9,274!
It is important to know that the percentages can vary with the location as well. Solar homes in Riverside, California only sold for 2.7% more, while the rate is 5.4% more for those in New York City.
Growing Number of Residential Solar Installations
This might be why there are more and more residential solar installations with each year that passes. It looks like the trend is set to continue. According to Michelle Davis of Wood Mackenzie, there will be an average of one solar installation every minute by the time 2024 rolls around. This is a huge improvement from the rate of one in every ten minutes back in 2010.
Reception Among Owners of Solar Homes
When SunPower surveyed 133 new solar homeowners, it was reported that 92 percent of them would recommend a residential installation to a friend. Nine out of ten said that a solar power system had become important to them when choosing to buy a house. Meanwhile, eighty-five percent said that they would either likely or definitely repurchase a solar home again.
Should You Get Residential Solar Panels?
From the look of things, it is true that solar panels can improve the value of your home. This should be taken into consideration if you are looking to invest in your house. Even if you have no plans to sell your property, it is already a worthy investment because of its ability to bring down your monthly electricity costs. Solar Regeneration is here if you need help installing a solar panel system for your home.