Homeowners considering a solar panel investment frequently wonder if it’s going to be worth it if they ever have to sell their home. The energy benefits and financial benefits are quite apparent when you’re living in the home and using the power, but what happens when you need to sell, are you then out the cost of your solar system? On the contrary, investing wisely in a robust solar installation can add considerable value to the resale value of your home.
Solar Panel Investment Is A Smart Move
A study from real estate data giant Zillow that ran from March 2018 through February 2019 showed that solar panel investment has a definite impact on the average sale price of the home. Aggregating data from listings during that period, Zillow found that homes with solar power systems sold for an average of about 4% more than comparable homes without solar panels. For the average home, this can mean a difference of $10,000 or more on the final price of a home, roughly equal to the average real estate agent’s commission.
Why Do Solar Panels Increase Home Value?
In most locations, especially in states such as Kansas and Missouri, the options for municipal power utilities are incredibly limited. Frequently, residents only have a single option for providing power to their home and property, often in the form of an electric cooperative or a large power utility company. Not only does this mean there is little to no competition for rates, but it also means you are stuck with whatever policies and services that the company has in place.
Homes that have an established solar power system can remain relatively independent from the grid, often generating all the power the home needs during the day. Those without battery storage will often revert to grid power overnight while the panels aren’t producing, and those with battery integration can store excess power for times when it’s needed. This choice of greener and more readily available electricity can be a powerful factor potential buyers consider, and it can demand a premium price when the time comes to eventually sell the home.
Solar Power Can Insulate Your Home From Energy Cost Inflation
Just like with everything else, the power that your home rents from the grid gets more expensive with each passing year. While some years energy costs can remain relatively steady, or increase only marginally, there are times when your energy costs will spike. This can happen seasonally in some areas, or simply as a matter of doing business with giant energy corporations.
By investing in your home’s ability to generate most or all of the power it needs daily, you help take that power of influence away from the power companies. You no longer rely on them to give you what you need at a price you’re more or less “stuck” paying since you’ve made a smart investment in solar energy.
You Don’t Need To Pay For Your Investment All At Once
Many homeowners are nervous about moving to solar power because they envision a monumental installation and setup cost. In most cases, however, the homeowner can finance the cost of their solar system over terms that range from 5 years up to 30 years. Often, this factor alone is enough to show the average homeowner that becoming more energy-independent doesn’t have to devastate their finances.
Barrett Solar Can Help You With Your Solar Panel Investment
If you feel like it might be time to cut ties with the grid, or just take the first step toward cheaper power for your home, contact Barrett Solar for a free quote. They can help ensure that you make the right solar panel investment to add value and functionality to your home, both now and long into the future.
