How Solar Increases Your Home Equity
One benefit to going solar that we haven’t discussed a lot here is that when you install a solar system on your home, your home equity increases. Now this isn’t just a little increase in your home value. This is an increase that can be equal to the amount you pay for your solar system. So let’s look at how going solar increases the value of your home.
How much your home value increases
A recent study has found that homes with solar increase in value by about $3 per watt. So if a home has a 5kW system, that is 5,000 watts, then the home value will sell for $15,000 more than the original price of the home. (This is the national average and will depend on each home and solar system.) Often times, this will be almost equal to the amount you invest in solar in the first place.
Another study said when you invest in solar you will receive a 97% return on that investment when you sell your home. This is a great return for an investment in your home and will make your investment worth it if you sell your home in the future.
How buyers benefit from purchasing a home with solar
If you are looking at buying a home with solar, you may be wondering if it is worth it.Here are some reasons why it will be a great investment for you as you purchase your new home:
- As electricity prices increase, you will be immune to the rate hikes
- You will see savings from the first day in your new home
- There will be savings throughout the years you own the home
How sellers benefit from investing in solar
Going solar is a big investment and knowing that you could someday move, can make it a tough decision. You want to see the benefits of your investment. Well, no fear, because when you go solar, even if you are planning on selling sometime in the future, you will see huge benefits.
- When you go solar, you will start seeing savings from day one.
- You will be saving money on your electricity bill and avoiding increases in utility rates.
- A study has found that on average, homes with solar sell 20x faster than other homes.
- You will also have the added premium, that is on average $15,000, added to the original selling price of your home.
- When you sell, you can potentially receive a full return of your solar investment.
There are a lot of reasons to go solar and this is just another benefit that comes from investing in your own system. If you would like to learn how solar will benefit you, contact us here.
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