- How much they pay in utilities without solar
- Incentives offered by local power companies
- How much money is put down upfront
All-in-all, it’s safe to assume that solar will save homeowners money over the long haul, but the amount can vary significantly. Still, a growing number of people are going solar for ethical and/or environmental reasons. Experts seem to agree that solar energy will continue to grow steadily, so long as investment in solar infrastructure continues to be a priority.
Solar and Your Home’s Value
Does installing solar panels increase the value of a home? To answer that, you must consider several factors. For some buyers, solar panels are aesthetically undesirable. In that sense, they might marginally reduce the buyer pool.
Other more objective factors include things like geographic location, system output and age, system warranty, local solar incentive programs, and system replacement value. For example, if a prospective buyer looks at a home with solar panels that were installed less than five years ago, and have a standard 25-year warranty, that home’s market value will be higher than a similar home with 15-year-old solar panels. So, bearing in mind these factors, most experts still agree that solar panels increase the market value of a home. In fact, one recent analysis found that solar panels increase the market value of a home by 4.1%.
That increase, of course, needs to be balanced by the overall cost of the solar-panel system, which is why it’s a good idea to talk with your Realtor® if you are considering how solar panels might affect the value of your home.