Study Finds Solar Panels Increase Home Values
In 2019 Zillow, an online real estate platform, researched how solar panels impact home values and the ultimate selling price. The short answer is that solar does increase the value of your home at sale. The National Renewable Energy Lab (NREL), also found that in addition to the higher premium solar owners can sell their homes at, homes with solar panels sell faster than a home without a solar array.
Solar is an investment for your home that is equivalent to a kitchen remodel or adding a new deck. It makes your home more attractive to new buyers because of the savings they will experience with solar, as well as providing a brighter future for the planet with their purchase.
The Zillow study found that on average throughout the United States, solar homes sold for about 4.1% more than a comparable home in the same market with similar upkeep and size without solar. This translates to approximately $9,274 of added value to the home at the point of sale. You could think of this as an additional incentive to go solar on top of tax credits, state/utility incentives, and the money you will save monthly on your energy bills. It makes the investment even more attractive. You can learn more about financial incentives and options to go solar here.
When it comes to the Midwest in particular, data and analytics companies like Fitch Solutions forecast that the Midwest will have one of the largest markets for solar installations in the county in the next ten years. We are excited to see where that boom will take us, and we are ready to install on as many rooftops and ground sites as we can to help our country transition to cleaner energy.
Ready to make a lasting solar investment for your home? We can provide you with a free proposal that shows what a solar layout will look like on your home, what the financial savings will be, and what incentives you may be offered. To take the leap today, reach out for a quote below.