Many homeowners want to make the switch to solar, but question whether making the switch will pay off in the long run. The truth is, though they require an upfront investment, solar panels reliably pay themselves off in less time than most Denver or San Antonio homeowners expect.
Let’s explore some of the reasons why solar panels make good sense and learn how they can increase the value of your property.
Solar Panels Boost Property Value
Let’s imagine you’re in the market to purchase a home. If you passed a house with a sign that said “I avoid utility bills and protect you from power outages,” wouldn’t you be intrigued? That is the reality for every house with Residential Solar Panels Installed.
Because the value of home solar installation is increasingly common knowledge, resale value for houses with solar is higher than comparable homes without them. Wondering if solar increases property value? It’s impossible to say exactly how much solar installation can increase the value of every unique home, but studies by The Appraisal Journal show that property value increases about $20 for every dollar saved on annual energy costs. And according to Zillow, homes with solar panels sell for about 4.1% more than homes without a clean energy source.
Solar panels offer benefits regardless of how long you plan to stay in your home. Whether you’re looking to save on monthly utility bills or looking to boost the value of your property before a move, there is no losing with the addition of solar panels.
Added Benefits of Solar
Now we know solar panels are a smart investment, let’s explore their other advantages!
1. Significantly Reduce (or Eliminate!) Electric Bills
We discussed solar panel utility savings before, but let’s dive in a little deeper and discuss month-to-month savings. Electricity costs can quickly add up to be one of your highest monthly expenses. Imagine being able to skip those payments altogether! And, with a solar battery like the Tesla Powerwall or Enphase Encharge never worry about losing power again.
The average lifespan of a solar panel system is 25 years. 25 years (or 300 months) of utility bill savings adds up to a LOT, leaving you with money to pay yourself back for installation costs, and invest in other more exciting things.
2. Avoid Rising Energy Costs
The cost of energy use is increasing and it will continue to do so forever! This means that the sooner you invest in solar panels, the sooner you eliminate the need to pay more for the same electricity for the next 25 years or more.
Did you know you can save even more with the excess energy your solar panels produce? With something called Net Metering, you can earn credits on your utility account for your extra energy that is automatically sent to the grid to be used by other homes and businesses.
3. Reduce Your Carbon Footprint
With the addition of solar panels, you can significantly reduce or even altogether eliminate your reliance on fossil fuels. This reduction in your carbon footprint preserves clean air and creates a cleaner local environment for your community.
4. Solar Tax Credits
There are a number of incredibly strong rebate incentive programs available to homeowners who jump into solar panel installation, making the transition more affordable than ever:
5. Bonus Benefits
The benefits of solar don’t stop at financial savings and environmental benefits. There are plenty of additional reasons to go solar. First, it’s estimated that the solar economy employs over a quarter million people. That’s a lot of hardworking members of your local community!
Furthermore, making your own energy through solar panels creates less opportunity for strain to overwhelm your local power grid. This means that your neighbors, grocery stores, hospitals, and more could have more reliable energy like you do — they just might have to pay more for it!
Investing in solar is a serious way to benefit your local economy and community’s environment — even in your own backyard!