3 Positive Ways Solar Panels Can Help Your Home's Resale
Solar panels have become more efficient in the business of saving homeowners money on the cost of electricity. They have also adopted a sleeker more attractive appearance. These advancements give buyers the best of both worlds when looking for a new home. Buyers interested in the environment, hoping to save money, and looking for more efficiency will be taking a second look at a home with solar power. Solar panels can add to your home's resale value in the following ways.
Return on Investment
A home improvement project is only truly a good investment if you regain the money you spend installing the system. Adding solar panels to your home naturally provides a good return on investment (ROI) because of the money you save yearly on electricity. If you're looking for additional good news about the ROI potential of solar, consider the resale value of your home after the change. A combination of federal and state grants, reduced electrical costs, and increased resale value makes solar panels a home improvement with one of the highest ROI.
A rooftop system can save homeowners as much as $1,800 per year on electricity costs, which can be an attractive incentive to a potential buyer. If you purchase the system instead of leasing, it can also add significant resale value to your home. A survey from the U.S. Department of Energy revealed that buyers were willing to pay an average of $15,000 more for a home with solar panels. Some neighborhood characteristics can bring an even higher value to solar panel systems. Solar power is an investment that offers great returns in different ways.
Saving energy is an important concern for the future of the planet. The government recognizes the efforts of citizens attempting to work toward a positive change. Exclusive assistance programs are available for homeowners with energy saving systems. The most recognized of these credits is the Investment Tax Credit (ITC). The ITC currently allows homeowners to deduct 30% of their solar system. (This percentage will decrease after 2019 to eventually end in 2022.)
Additionally, some states offer credits and rebates. Certain grants apply to solar power as well. Grants for the home improvements that add energy alternatives are available from the U.S. Housing and Urban Development. The U.S. Department of Agriculture offers grants for areas with high energy costs which can be applied to solar power.
Leadership in Energy and Environmental Design (LEED) is a certification system for green building. LEED offers four certification levels. Credits for these levels are earned through various energy saving projects added to your home. Solar panels can increase your LEED certification, bringing additional resale value to your home.
Potential Buyers Care About the Environment
Younger home buyers have been heavily educated on the subject of energy conservation and the use of greener methods to maintain the same lifestyle. These buyers are more likely to be interested in solar power. Today's homebuyers are often already researching the costs of adding solar panels to existing homes. The value of a home with a complete solar system is an attractive alternative to these buyers. As solar power continues to become more mainstream, some buyers are considering solar panels as a mandatory feature instead of a mere benefit in their home search.
The combination of generous tax incentives and increased home resale value are enough to recoup a significant amount of the cost that goes into the installation of solar panels. Contributing to a greener environment is a personal bonus. To learn more about the benefits of installing a solar power system in your home, contact us today.