You must have thought of something well and good before installing solar panels on your roof top. One of the main reasons why most of the houses are getting solar panels installed is to save a fortune in payment of electricity bills.
Moreover, you can add a pool or a garage to increase the value of your house but because of their high maintenance it won’t be a good idea in the eyes of your prospect buyers.
So, if you are thinking of selling your home in the near future then having some attractive features will definitely increase interest over your house.
If you are thinking of how to express the value of your Solar Panel System to home buyers, then let them know of the benefits that they will be getting from a house that has a solar panel installed on their rooftop.
- Benefits of Having a Solar Powered Home
- 5 Reasons Why Homes with Solar Panels Sell Faster
- Factors affecting Cost of Solar Powered Homes
- What studies and stats say?
- How to get better value for your solar powered home?
Benefits of Having a Solar Powered Home
Investing in solar powered homes does have numerous benefits. It not only helps you to reduce your carbon footprints but also increases the overall value of your home.
Let us look at some of the top benefits of having a solar powered home:
You can use this electricity to power your own house, or you can make some money by selling unused electricity.
To make your solar investment more beneficial you should check out the solar panel grants that are offered.
So there are two ways you can make money from your solar panels, first is by saving from your utility bills and alternatively by selling extra unused power to the grid.
Although we’re not environmentalists who care much about the environment, adapting to the solar power system will give your surrounding a completely clean pollution free environment.
Solar energy is a renewable source of energy so you can use it infinitely and the best part is it won’t produce water or air pollution, and it has no greenhouse effect.
A solar powered system is not only good for saving money for free, but also it helps in making the environment carbon free.
So when you are investing in solar panels you are investing into the betterment of the environment.
Solar works Everywhere
The best thing about going solar is that it works everywhere.
The sun shines everywhere, it reaches everywhere so producing energy anywhere won’t be a problem at all.
Just by getting a few solar panels and a home battery you will be able to get full control over the electricity of your home.
Most of the states in the U.S. are going solar because of the rising utility bill cost by over 15%.
You will be amazed to know that the energy production from the solar panels doesn’t depend upon direct sunlight. It depends on many other factors, which means you won’t have to worry about energy production on winter and cloudy days.
Related: How do Solar Panels Work?
5 Reasons Why Homes with Solar Panels Sell Faster
By considering the benefits of having a home with solar panels installed, getting such a house will be a no brainer.
But the reason why one will benefit from buying a house that has already installed solar panels is listed below.
01. Low Maintenance Cost
When you think of adding value to your house there are many ways to do so for example you can get a swimming pool.
But compared to the cost of maintaining a swimming pool it is frequent and quite expensive. Most of the expenses you will be incurring on that pool will be immaterial because you won’t be getting as much benefit from it.
But in the case of a solar panel you won’t have to do regular maintenance as they once installed need no improvement.
02. Solar Panels work as Heat Insulators
During summer the solar panel will work as barrier from the sun rays and will help to keep the roof cooler
All the heat will be absorbed by the solar panels and you won’t have to worry about the heat.
During summer, you will have savings from all sides first from the roof and besides you will make more money by selling unused power that is generated during summer time.
This will be an appealing point for the prospect buyers if they see the benefits they will be getting during summer time.
03. Off-grid Living
It’s long been known that solar power is a great way to live off-grid, and now it’s time to prove it. Homes with solar panels sell faster because people love living off-grid.
Living off-grid means you have complete control of your electricity. Solar energy enables you to live an off-grid lifestyle no matter where you are & thus increases the overall value of your home.
04. Renewable Energy Source
Renewable energy is a great way to reduce your carbon footprint and protect the environment.
Homes with solar panels also have a higher chance of selling faster because the home has a renewable energy source.
Solar energy, like wind and hydro, is a renewable energy source, which means it is not a limited resource, and it’s not harmful to the environment.
When people hear about solar energy, they often associate it with eco-friendly living. So, it is another reason why homes with solar panels sell faster.
05. 24*7 Electricity
When you buy a home with solar panels installed, you don’t have to worry about power cuts. Even though the sun doesn’t always shine, the panels are able to generate enough electricity to keep the house powered.
This means that your home has no need to rely on a power company.
Factors affecting Cost of Solar Powered Homes
There are few factors that buyers consider before purchasing a solar powered home. Let’s look into a few of them in detail.
Having solar panels installed doesn’t impact the resale value of your home but having leased solar panels could work as an offset in the minds of prospect buyers.
When homeowners think of purchasing and installing solar panels there are various methods available, but one of the best is to purchase through lease.
When you have a fully owned solar panel you have full ownership of it and won’t have to pay for that anymore. You can purchase solar panels from your own savings or from government grants and rebates available.
Home buyers are interested in buying these types of houses because they can move into the house easily without thinking of the regular expense of the panels. Whereas on the other hand leased purchased solar panels have ongoing expenses to pay monthly fees.
This is good for those who are installing in their own house where they don’t have to pay a heavy upfront cost of purchase but it may turn out to be a pin point to home buyers.
When purchasing a lease, the owner of the house will have to transfer the agreement to the new owner. This in turn increases the paperwork which is a hectic work.
So in short fully owned solar panels seem favorable while purchasing a house instead of going for purchasing a house that has a leased purchased solar panel.
Location of Your Home
Location of your home can be a deciding factor when purchasing a solar powered house.
The municipal corporation in your area should allow installation of solar panels and in addition to that your neighbors should not have any problem regarding the same.
In solar panels installation the angle of panels needs to be in such a way that they get maximum sun exposure.
Moreover, your house should not be covered with trees taller than your home as they might work as a barrier in between sun ray path and solar panels.
This is why while purchasing a house with solar panels installed, the location of the house matters a lot.
Age of your Installed System
Home buyers will be interested to buy your house when it has more than 10 years of warranty left, but they will be at unease when they see that the period of warranty is less than 2 to 5 years.
So if you are thinking of selling your house you can either extend the warranty and then sell or sell it when it has more than 10 years of warranty license left.
The longer the age of installation the lesser period of warranty will be.
Furthermore, older solar panels won’t be able to generate the same level of energy when they were new.
If the home buyers have to incur additional cost in repairing those old solar panels then they won’t like the idea of that.
Solar Panel Costs in your Area
The cost of installation of solar panels varies in different areas. However, the case may be the cost of installation will always be higher.
Apart from cost purchase and cost of installation, different areas have different rules about installation of solar panels.
In some areas you will have to pay some more for getting a license quicker to get solar panels installed.
This will in turn increase the cost of installation of solar panels. If this cost is for one time, then it won’t be much of a problem but if it is recurring payment then the burden of that will fall on the home buyer.
What studies and stats say?
National Renewable Energy Laboratory (NREL) research from 2006 found that in several subdivisions built by various California builders, solar-equipped homes sold 20% faster and for 17% more than non-solar homes.
However, the numbers changed with the time but the results of getting more valuation on homes having solar panels installed remains the same.
But how much can you expect to save with solar panels? According to EnergySage, the average cost of a solar panel installation in 2022 ranges from $17,538 to $23,458 after taking into account the federal solar tax credit, with an average solar installation costing about $20,498. On a cost per watt ($/W) basis, solar panel prices in 2022 average $2.77/W.
If you buy a system and are currently paying $100 a month for electricity, you can save an estimated $35,900 over the next 20 years — almost $1,800 a year — by purchasing and installing a rooftop solar system.
According to a survey by the US Department of Energy, buyers are willing to pay roughly $15,000 more for a house with an average-size solar system.
How to get better value for your solar powered home?
If you are still not satisfied with the benefits that are mentioned in this article you can check out some more creative ways you can make the most out of your investment.
1. Solar Batteries
The solar energy generated throughout the day can be used throughout the night if you make arrangements of storing them properly.
With the help of solar batteries, you can store solar power and use them later. You can use them at night, or you can use them during power blackouts.
Although during power blackouts you won’t be able to run all home appliances using solar batteries, it will be more than enough to run all necessary appliances for the time being.
You can use solar batteries to power those places that have no direct electricity connection.
2. Home EV charging station
Imagine having your own charging station in your home. If you have an electric car you won’t have to worry about the expenses of powering them up using grid electricity.
You can use the energy produced to power your own car, or you can put it outside for others to use.
You can market your house with this amazing selling point.
There are numerous reasons why you should take the first step towards a sustainable lifestyle, but if you are still unsure, we have provided you with all the compelling reasons.
You can save money on energy, look sleek, and even increase your home’s value by installing solar panels.
Also, if you intend to sell your home in the next few months, you should consider installing a solar panel, as it may help you sell it quickly for a great price.