In Pennsylvania and New Jersey, one of the most frequent questions we hear is, “Will solar panels increase my property value?” Good news! They can add significant value to your home, according to research. While the exact amount depends on a number of variables, experts predict solar panels will become an even more attractive selling point for future home buyers as pricing for electricity rises.
If you have been on the fence about getting solar panels for your house, then the increased home value may be the factor that pushes you into taking the plunge. You may even find it’s easier to sell a home with solar panels than without since so many people are concerned about the environment and green energy.
What Is a Solar Power System’s Impact on Home Value?
How much, exactly, will your home value rise when you install solar panels? According to one widely cited report, for every kilowatt a solar panel increases in size, the home adds $5,911 in value. On average, solar panels increase home value by 3%-4%. However, the exact amount your home value rises will depend on many things, including:
- Location: Research has found that solar panel value can vary according to where you are located. Homeowners value different things in different states. In Pennsylvania and New Jersey, we have seen that this addition makes a fantastic selling point.
- Size of solar panels: The greater the number of panels, the more your home value will increase. This makes sense because the more solar energy you produce, the less you have to pay for electricity. You can even bank your excess energy or sell it back to the utility, depending on where you live.
- Price of your home: A bigger house will see a greater gain in property value. However, proportionally, most gains will even out, even for homes with less value.
An additional advantage of adding solar panels to your home, which goes hand in hand with raising the value, is that your house may spend less time on the market when you decide to sell. Studies have shown that homes with solar panels sell faster than those without. This may be because solar panels are in such high demand that buyers specifically look for properties with them.
From the day you install them, solar panels begin paying dividends, first through your decreasing electricity bills and later in the value you add to your home. At whatever point you decide to sell, you will see what a high value they have on the market, making solar paneling a smart upgrade.
Learn More About Why Solar Panels Are a Good Choice for Your House
Solar panels will increase your home value in New Jersey and Pennsylvania. When you invest in solar panels, you will earn that investment back over the long term and also help the environment by switching to a greener source of energy. Contact us today to set up a free consultation with MexLucky Energy. Call us at 855-465-2473 or get in touch online.