As homeowners ourselves, we know that we don’t even replace a light bulb in our home without contemplating its effect on the resale value of our home.
If you’re like the majority of Americans, your home is your biggest investment, and you don’t want to do anything to compromise that.
The old school mentality was that solar panels intimidated home buyers and could make your home more difficult to sell, or somehow decreased the value of your home. You may have heard this myth circulating as well.
So what is the truth? Will solar panels affect your home’s value?
We’ve got surprising news for you. YES. Solar panels will affect your home’s value… IN A GOOD WAY!
Recent research from the Lawrence Berkeley National Laboratory proves that homes with solar panels sell for higher values than homes without, and home appraisers are less reluctant to assign value to residential PV systems as home solar electric system value is better understood.
And, if you think about it, that makes a lot of sense (and cents). If you were looking at two homes side by side that were exactly the same in every way except that one home had solar panels and one didn't, which would you choose? House #1, that you knew had a $300 per month electric bill, or House #2, that you knew had a $200 per month electric bill? That $100 savings per month, or $1,200 per year, adds up quickly. Over a ten year period, $100 per month is $12,000, right in your pocket!
And that doesn't even count the effect of normal utility cost inflation, which means the actual savings would be even greater.
Solar panel systems are expected to last 30 years (or more), so owning a home that has an energy bill that is 33% less is a great long term investment. Even if you only live in it for 5-7 years and save only $6,000-$7,200 while you own it, the person who buys it from you after that can do the same math and figure out your home is worth a lot more with solar than without it.