© Jason Finn/Shutterstock Solar panels at homeIf you're thinking about how to green your home and want to make some sustainable improvements, you may want to consider adding solar panels to your home. While your concern for the environment is reason enough to start planning to invest in and install your own solar panels, you may also be wondering how it will affect your bank account and the value of your home. .
First, it's important to know that solar panels don't have to be cheap, and the exact cost depends on a variety of factors, including the type of panels you choose, according to Forbes. However, it can be in the $3,500 range if you're looking for something cheaper, or up to $35,000 if you're looking for a fancier, larger, more complex setup. The average price is about $16,000.
On the other hand, you can save money once the solar panels are installed and start generating electricity. Because most homes have high energy needs, solar panels can save you about $19,000 over three decades, according to CNBC. Due to both the energy needs and the economic results, many home builders and homeowners today consider solar panels to be a valuable and perhaps necessary investment. Solar panels can also have a big impact on the value of your home.
Solar panels have been increasing the value of homes for years
© Solar Goat/Shutterstock Roofs with solar panelsSolar panels have been around for a while and have helped increase the value of many homes during that time. For example, a large 2013 study by Berkeley Lab found that people looking to buy a new home were willing to add $15,000 to their offer if a home had the average solar panel configuration.
"This information will benefit appraisers, brokers and mortgage lenders who are increasingly seeing PV [photovoltaic or solar] homes and need to understand the factors that increase or decrease their market value," explains Ben. Hoen is a co-author of the study and an energy technology researcher at Berkeley Lab. Moreover, the results definitely pleased the hosts.
Even today, residents can assume that solar panels will increase the value of their home. In April 2019, Zillow reported that homes with solar panels sold for about 4.1% more than similar homes without solar panels, or about $9,274. In particular, this number reached 2.7% in Riverside, California, 4% in San Francisco and Los Angeles and Orlando, Florida, and 5.4% in New York. While this is good news for anyone who owns or wants to own solar panels, there is actually a way to get an idea of what they can add to the value of your home.
Find out how much solar panels add to your home's value
© CL Shebley/Shutterstock Solar panels at homeWhile you may be excited to learn that adding solar panels to your home can increase your home's value by 4%, you may also be wondering what that means in terms of specific numbers. According to Bluewater Energy, if you have a home that can sell for around $300,000, installing some solar panels on your property can add $9,000 to $12,000 in value. While this certainly seems like a worthwhile investment, there are a few things you should know about your potential solar panels that can affect their overall cost.
When determining what type of solar panels you deserve, you should consider the size and functionality of each. In addition, you need to find out how much you can put in the selected place for them. In turn, the size, number and type of solar panels you use can affect the value they can add to your home. Bluewater Energy claims that for every kilowatt of solar panels you choose, you can expect your home's value to increase by $6,000.
With that in mind, you can do some quick (or careful) math and determine if adding solar panels to your home is worth it.
Then read this: Tips for taking care of your home's exterior
