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How Solar Panels Impact Home Value
- February 8, 2024
Installing solar panels is good for your wallet, and it’s also good for your home’s value. According to Zillow, houses with solar panels sell for 4.1% more than comparable houses without solar panels. That means an extra $9,274 for the median home!
In this guide, we explain why solar panels impact home value and what you can expect when selling a house with solar panels.
Why House Shoppers Want Solar Panels
As electricity rates skyrocket and climate change looms, more and more house hunters are prioritizing solar homes. Here’s why:
Long-Term Savings
Solar panels significantly reduce or even eliminate electricity bills. Many buyers are willing to pay more upfront for a house that will cost less to run long-term.
Future Preparedness
We’re using more electricity to power our lives than ever before, and the cost of that electricity is only going up. Buying a house with solar panels prepares the new owner for the future so they can easily switch to all-electric appliances or an electric vehicle without having to worry about skyrocketing their electric bills.
Sustainability
Eco-conscious home buyers know that using renewable energy is one of the most impactful ways to reduce carbon emissions and want to live in a house with solar panels for that reason.
All the Benefits without the Install
Of course, you could buy any house and install solar panels on it. But most buyers don’t want to have to make improvements as soon as they move into a new house—buying a house that already has solar panels means they get all the benefits without having to plan an installation.
How Much Do Solar Panels Increase Home Value?
Real estate agents and appraisers have found that solar panels increase home value in most markets. Recent research conducted by Zillow confirms that, nationally, houses with solar panels sell for 4.1% more than similar houses without solar panels.
However, the impact of solar panels on home value can vary depending on several factors, including:
- Local electricity rates – Solar has more value in areas with high electricity rates.
- Solar market – Solar panels are more sought after in states that offer incentives like net metering.
- Solar panel ownership – The financing method impacts the value of your solar energy system to a future buyer. If you own the solar system outright, it will likely be more desirable to a future buyer than if you lease it. This is just one of the many reasons why we recommend solar ownership over leases and power purchase agreements.
- System age and condition – The more life left in your solar power system, the more valuable it is to a potential buyer.
Do Solar Panels Increase Property Taxes?
Most improvements that increase the value of your home also increase your property taxes, but solar is the exception. Residential renewable energy equipment, including solar panels and solar batteries, are exempt from Colorado property taxation.
Professional Solar Panel Installers in Colorado
Whether you’re planning to sell your house soon or you’re planning to enjoy several more years in your house before you move on, installing solar can benefit you. You’ll enjoy immediate electricity bill savings which will quickly begin to cover the cost of your solar panel installation, and when it comes time to sell, you may end up with a nice increase in resale value thanks to your solar system.
Solar Power Pros can help you get the most out of your investment in home solar panels. We are a 100% locally owned and operated Colorado solar panel installer that’s been in business for over a decade. We make it easy for you to go solar and maximize your savings! Get started today with a free, virtual consultation and estimate.
