As a homeowner, you probably have a long list of improvements you want to make to your home. There’s always a way to better your home, and a popular choice within southern California homes is Solar Panels. Whether you’re looking to eliminate your electricity bill — or you just want to do something positive for the environment — solar panel systems can help. However, what other benefits do they bring? Do solar panels increase property value? Find out for yourself by reading below!
Reason Why You Should Go Solar
There are many reasons why homeowners are opting for solar energy. Why, you ask? It’s because of the long list of benefits they provide. First of all, they show your support for green alternatives. With the world not getting any cleaner by the day, collar panels help tremendously reduce the burning of fossil fuels by providing people clean energy with simple sunshine!
We can’t forget the other big reason why people go solar: to eliminate their energy bill. By being self-sustaining, you can wave goodbye to your monthly energy bills. Solar also gives homeowners a sense of control in a time of uncertainty. They give you control and predictability to your energy budget. While Solar Panels do save you money, do they actually increase the value of your home?
Do Solar Panels Increase Property Value?
Let’s cut to the chase: do solar panels increase property value? The answer is YES! A study done by the Lawrence Berkeley National Lab (LBL) has concluded that installing solar angels can significantly increase the value of your property. According to their study from over 3,000 homeowners with solar panel systems, “We find home buyers are consistently willing to pay PV home premiums across various states, housing and PV markets, and home types.”
This builds upon previous research that concluded that California homes with solar panels sell for significantly more than those without solar. Of course, how much your home’s value goes up depends on a couple of factors, such as:
- The area you live in – The area you live in is an important factor. For example, Californians value solar energy a lot more than homeowners in Maine.
- The type of home you own – Of course, your home’s architectural type and overall aesthetic make a difference while selling your home. If your home is in terrible condition, then even with solar panels, people may not be interested.
- Whether the solar panels are owned – If you own the solar panels, then you’re well off. Leasing solar panels will not increase the value of your home as they are not officially part of the home’s assets.
At the end of the day, the chances are genuinely high that your solar system will add value to your home. Regardless, solar panel systems provide homeowners with energy savings and help increase their positive impact on the planet. We hope this blog helped answer the question, “do solar panels increase property value?” If you’re ready to go solar, give sunlight solar a call at (858) 564-8032 or click here to contact us today!