How Much Do Solar Panels Increase The Value Of Your Home?

Solar panels are an excellent way to increase the value of a home. One of the best things about investing in solar panels is the fact that you get a return on your investment each and every year. While you may end up spending thirty thousand dollars to have solar panels installed on your roof, you are going to gain that money back in home equity immediately. If you decide to sell your home, you can generally expect your home to sell for an additional twenty thousand dollars. These numbers vary based on the volume of solar panels you have on your property, so the equity may be even greater. Lots of people are under the assumption that it will cost a ton of money to install solar panels, but they don’t really look at it the right way. Not only are you gaining that money back in equity, but you will start seeing savings that add up each and every year. These savings will lower your bills each year and put a lot of money back in your pocket. The additional equity that comes with installing solar panels may give you more financial opportunities in the future as well. If you need to borrow money against your home for any reason, the increase in equity may gain you access to a bigger loan. 

The value of a home tends to increase by as much as four percent when solar panels are installed, although you may be able to get more for your home depending on the market. If you happen to be selling a house in an area that is very involved in the green movement, you may get higher offers on your home. If there are not a lot of houses in the area that have solar panels, this can really make your home stand out. A lot of potential buyers are only interested in homes that come equipped with solar panels, which means you can really gain an advantage if you have had solar panels installed on your home.

When you look at the costs of installing solar panels, compared to the actual value increase of a home, it almost comes out to a draw. However, there are tax programs that are used to incentivize people to add solar panels to their homes. This is part of a movement to go green, which the federal government is more than happy to subsidize. You can generally deduct thirty percent of the cost it takes to install your solar panels. When you add in this deduction to the increase in equity that a house experiences when solar panels are installed, the decision starts to get easier. If you work with a legit company and get a decent price for the installation of your solar panels, you should end up seeing savings right away. Rather than simply thinking about the money you are spending outright, you should think about the increase in equity, as well as the savings you will obtain every year.