Whether you are planning to build a new home or are already renovating, solar panels can be a very helpful addition to your property. They offer several benefits, from increased home value to reduced utility bills.
Adding solar panels to your home can save you thousands of dollars on your electric bill. However, there are several considerations that you need to make before investing in a solar system. For starters, you need to find out if your utility company offers solar panel maintenance and incentives for installing solar panels. You’ll receive a credit on your monthly electric bill if they do. You should also shop around to find out what incentive programs are available in your area. Some states have special programs that allow you to sell your excess energy back to the utility company. This can be beneficial to homeowners who live in areas that have high energy rates. However, you’ll be charged a fee for the difference between what you buy and what you use.
Increased Home Value
Adding solar panels to residences can increase the value of your home. The market for solar panels is growing as people are interested in the environment and the ability to control their power costs. Homeowners can save money by lowering their energy bills and will likely recoup the installation cost when they sell their homes. According to research, homes with solar panels in residences sell for an average of 4% more than homes without solar. This increase varies by location. Homeowners in large metro areas often enjoy premiums above the national average.
Reduced Utility Bills
Using solar panels in residences can significantly reduce your utility bills. This is because the sun is the energy source converted into electricity. The utility company then credits your account with the excess energy.
A typical home uses around 2,000-kilowatt hours (kWh) of electricity each year. This includes the central air conditioner and the clothes dryer. So, you may wonder how much power your solar panels generate. The amount of solar energy you produce will depend on some factors, including the weather conditions in your region. The number of appliances in your home also affects how much electricity your home uses. Generally speaking, solar panels will offset your electricity bill by 50% or more. However, you should know a few things before making a purchase. The cost of solar panels is intended to represent a base-level average.
Increased Resale Value
Buying a home with solar panels is not only a good idea for environmental reasons but can also increase resale value. Many studies show solar panel-powered houses are worth more than non-solar houses. A study by the Lawrence Berkeley National Laboratory found that the value of a solar-powered home increases by about $5,000 for every kilowatt of solar power installed. In addition, the value of a home increases by $20 for every dollar saved in energy costs. The savings depend on the climate, your home’s energy use, and local utility rates. The same study found that homes with solar panels sold for 4.1% more than similar homes that did not have solar. However, the value increase was not a statistically significant one. The value of the solar system may not be reflected in the appraisal.