For many of us, being locked down in our homes has really shone a light on the parts of our space that we don’t like or that may need work. With all this time on our hands, we’ve been able to tackle the home improvement projects we’ve been putting off.
Solar energy is surging in popularity for home improvement projects. Updating your kitchen or retiling your bathroom are the obvious go-tos for home improvement to increase property value. Did you know that solar can do the same? Installing solar panels can increase home value and save you money on your bills.
Buyers Will Pay a Premium for Solar
There’s no denying it—demand dictates that people are willing to pay more for a home with solar energy. In fact, a study on home value and solar grids found that home buyers are consistently willing to pay a premium for a home with solar-powered energy.
Homeowners and home buyers want solar panels for the added energy cost benefits as well as the environmental benefits. Buying a home with solar panels already installed means the new buyers won’t have to go through the hassle of installing them themselves—which can be a very attractive selling point.
The premium that people are willing to pay comes out as quite significant. The average premium for a home with solar grids is $15,000 for a home outside of California and $20,000 for those in California.
Solar Helps Sell Your Home Quicker
Selling your house is stressful, to say the least. It can feel like your entire life is on hold until you sell your property. There are costs associated with having your home sit on the market.
Solar panels help you sell your property quicker so you can get to closing day and move into your new home.
It makes sense that solar panels help your home sell quickly when you think about it. If you have two comparable homes at a similar price, but one has solar panels, you’d opt to see the one with solar energy first to see what other upgrades it has. This often happens and consequently, solar-powered homes often catch the eye of potential buyers first.
The figures support this argument, with the National Renewable Energy Laboratory (NREL) studies recently releasing statistics that suggest that homes with solar panels often sell 20 percent faster than those without. That’s a lot of time to get back in your life.
Solar Energy: Benefits on Every Level
For homeowners interested in investing in solar energy, the financial rewards can be outstanding. Solar is a solid investment for your home since many people appreciate the value of having solar grids, both on social and environmental levels, and at a financial level. For homebuyers who want solar panels but not the process of installing them, buying a home with a pre-existing solar panel system is a dream come true.
Solar energy is increasing in demand since it’s effective at decreasing energy bills and eventually pays for itself. Instead of retiling and repainting your bathroom, solar energy can be your go-to home improvement project for boosting your property values and attracting potential buyers.