Selling With Solar: How Much Can Solar Panels Increase The Value Of Your Home?

October 1, 2021

It is always a good time to research home improvements, particularly innovative and energy-saving ones like adding solar panels to your house. A solar panel uses sunlight to generate direct current energy, which helps power homes without resorting to traditional energy sources. It is better for the environment and can even cut costs. There are many benefits to adding a solar panel to your home, and this article will explore exactly how a solar panel can increase the value of your home.

They Provide Value to Your Home and the Environment

Solar power is an alternative energy source to fossil fuels or other things that release large amounts of greenhouse gases. There is an intrinsic benefit to the environment when you install a solar panel. Even disregarding that, a solar panel installation provides instant energy benefits to your home. Electric bills can get wildly expensive in some places in the country, and having a solar panel can help cut costs dramatically. While it would take many panels to power electricity needs for a whole family, just a few panels could provide noticeable benefits. These panels also provide a backup energy source in case of emergencies, so there are many ways they will bring value even if you do not want to put your house on the market at this instant.

How Much Will They Increase the Value of Your Home?

In most cases, adding these panels will increase the value of your home. However, this price increase will vary from state to state. California was the first state in America to require solar panels on all new homes in 2020. However, many other states do not have as much demand for these panels. It is crucial to research local policies concerning solar energy to decide whether a solar panel would be worth it. Luckily, in some places, it is valuable to have a home with a solar panel. People consider it a necessity akin to a spacious basement or a master bathroom.

Top 10 States With Solar Premiums

According to CNBC’s report on solar power, the top 10 states with the highest solar premium are New Jersey, Pennsylvania, North Carolina, Louisiana, Washington, Florida, Hawaii, Maryland, New York, and South Carolina. The statistics are staggering, with New Jersey having a percentage of 9.9% or $32,281 for a median-valued home. The next closest state is Pennsylvania, with just 4.9% or $8,589 for a median-valued home. This statistic means New Jersey homes with a solar panel will sell 9.9% higher than homes without one. Meanwhile, the lowest on this list is South Carolina, with 3.5% or $5,866 for an average-valued home.

Future Outlook

However, even South Carolina’s results prove that there is substantial value in installing a solar panel. It is crucial to realize that these statistics only reflect the current market. These percentages may likely rise in the future as houses with alternative energy become more common. Additionally, within state lines, the demand for solar energy can differ a lot. You can talk to solar installation companies, like Harmon Solar, to learn about what the demand for solar panels is in your area.

Adding these panels can drastically increase the value of your home in certain areas. There are many aspects to consider, and when you plan on selling the residence is one of the most important. Likely, demand for solar-paneled houses will only increase, which is promising for anyone looking to sell a home with solar panels in the future.

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