The short answer is your solar panel system can potentially contribute to your home’s overall value. For the right buyer, purchasing a home that comes with solar panels is a major perk and differentiating factor that will make your property more desirable. The next homeowners can benefit from the same potential electric bill savings that you enjoyed, and if the home has battery storage, they can have protection in case of power outages.
Once you pay off the upfront cost of solar panels, you can potentially earn back your initial investment and even save down the road when you place your home on the Raleigh real estate market. Learn below about how adding solar to your home today could help increase your resale value tomorrow.
Solar panels can potentially boost your property value by 4.1%.
According to Zillow, homes with solar panels sell for 4.1% more than those without solar power. In fact, the Lawrence Berkeley National Laboratory found that a standard-size solar panel system can potentially boost your home’s value by approximately $15,000. This is a significant return on your investment, especially when you consider the potential overall savings on your monthly electric bill.
How much of an increase in your home’s value will depend on a number of factors, including:
- Whether you own your system or lease it.
- The local price of electricity. The higher the electricity rates are in the area, the more savings solar could bring.
- The efficiency of your panels. New, efficient panels will produce more electricity over the lifetime of the solar system.
- The size of your solar energy system.
How does solar impact your home’s resale value in Raleigh?
Zillow reports that a typical Raleigh home was worth $335,465 in 2021, and according to Redfin, are staying on the market for about 35 days. A solar panel system could be just the right home upgrade to encourage a motivated buyer to choose your home over another option.
In fact, the National Renewable Energy Laboratory found that homes with solar panels gain value faster than homes without solar panels, which shows panels are a potential valuable home upgrade.
Enjoy the benefits of solar panels in the Raleigh real estate market.
Your home is one of your biggest assets. Install solar panels on your roof and potentially increase its resale value. If you’re curious about how Pink Energy can provide you with the best possible solar investment, contact us for more information.