Do Solar Panels Increase Home Value?
If you are wondering if solar panels can increase your home’s value, the answer is yes! In Arizona, for example, solar panels can increase the value of a home by up to 3%.
How Much Can Solar Panels Boost Your Home’s Value?
According to the National Renewable Energy Laboratory, installing solar panels can increase your home’s value by $20 for every $1 reduction in annual utility bills. This means that a solar energy system that saves $400 per year on utility bills will ultimately boost your home’s value by $8,000.
There are mixed views by many home experts, though. They believe the value of solar panels truly lies in the eyes of the potential buyer. Some may see it as a plus, others may see it as a negative. Solar panels are just like swimming pools or fences in that regard. It really depends on what the buyer is looking for in a new home purchase.
Once you’ve found the right buyer, there is no doubt these systems will increase your home’s overall value. Enjoy the countless savings on utility bills in the meantime.
How Much Do Solar Panels Cost?
The typical cost for a 7kW solar system of panels runs around $24,500. This price is dependent on how many watts of power your home will use, multiplied by the current rate of solar panels (per watt) in Arizona. An average home in the valley of the sun will use around 7 kW. The cost of $24,500 includes installation costs and materials.
According to HomeGuide, solar panels will cost about $7 per square foot in Arizona. Prices will range from $4-$10 per square foot, typically. Meanwhile, commercial solar panels in Arizona will cost between $2.50-$3.50 per watt, meaning business owners can expect to pay $3.00 per watt, on average.
Should I Purchase Solar Panels To Increase Home Value?
If you are looking to up your home’s value, the recommendation here is to purchase solar panels instead of leasing these systems. You can purchase panels either by using cash or financing them through a lender. Leasing the panels would require you to pay a solar company a monthly bill. Purchasing solar panels will undoubtedly add value to the home. Unfortunately, though, leasing solar panels will decrease the value of your home.
Can Solar Panels Hurt The Value Of Your Home?
No, solar panels will not hurt the resale value of your home in any way. Again, though, make sure you buy panels and refrain from leasing the systems. Since the upfront cost of panels can be large, many homeowners will be talked into leasing instead of buying. Do not make this mistake if you are looking to boost your home value!
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