Are Solar Panels Good For Resale

A recent study found that solar panels are viewed as upgrades just like a renovated kitchen or a finished basement and home buyers across the country have been willing to pay a premium of about 15 000 for a home with an average sized solar array.

Are solar panels good for resale.

Yes yes and maybe. The appraisal institute found that for every 1 in annual electricity bill savings that solar panels provide home resale values go up an average of 20. Americans are investing in solar power installing enough systems to power 12 3 million homes in 2018 according to the solar energy industries association a trade group. Installing solar panels in a home not only helps to reduce current monthly utility bills.

But whether or not those solar panels pay off depends on a lot of factors from the cost of electricity in your area to the shape of your roof. My first call was to solar expert tom harrington of solnetic solar who dispelled my bulky panel thought immediately. They worry about potential buyers being unwilling or unable to take over the lease and the potential costs that they would incur if they had to buy out their lease. Plenty of solar companies like to quote the savings you ll generate on the hottest and longest days of the year.

Even if your installation only reduces your monthly power bill by 42 that still translates to a 20 000 increase in your home s ticket price. It can potentially increase the home s value by up to 4 1 more than comparable homes with no solar panels. Additionally there is. I wanted to find out whether the style of these systems has changed whether solar really does save a homeowner money and whether these panels affect the resale of a home.