Going green by installing solar panels can save you serious cash on your energy bill while also helping you pocket even more green if you decide to sell your home down the road.
Here's how you can take advantage of sun-powered energy and help your home stand out on the market.
How much can solar panels boost your home's value?
According to residential solar panels consumer review site SolarReviews, you could sell your home for nearly 7% more if it has rooftop solar. So, if your home costs roughly $448,000 without solar panels, adding them could allow you to tack on over $25,000 more to the selling price.
And since solar panels cost an average of $19,000 to install, per SolarReviews, that means you'd get a cool $6,000 return on investment.
That may not seem like much in the grand scheme of things, but you could use that money to add eco-friendly features to your new home, such as a heat pump or induction stove. You'd save on your electric bill because of the increased efficiency, making it well worth the investment.
Also, in addition to increasing property values, solar can help homes sell faster. A National Association of Realtors survey found that 63% of realtors noticed greater interest from prospective buyers when a listing mentioned a home's energy-efficient features, per SolarReviews.
Why is solar energy's impact on property values important?
We can't speak for everyone, but most people probably wouldn't complain about being able to command a higher price for the sale of their home — especially when it's nearly $30K more.
Plus, there's never been a better time to invest in clean energy technologies like solar panels, since over 50% of homebuyers view energy efficiency as the most important feature of a new home, per a Davidsons Homes survey cited by First Time Buyer.
That means when you're ready to sell, having solar panels can make your home more attractive to potential buyers, as others in the real estate industry have discovered.
"Properties that come equipped with solar panels often catch the eye of buyers and tend to sell more quickly. The appeal stems not just from the energy savings over time, but also from the increasing preference for eco-friendly living among today's home buyers," Brett Johnson, owner of New Era Home Buyers, told SolarReviews.
How can I get the best deal on solar?
If you're interested in going solar to not only keep more money in your pocket but also reduce planet-warming pollution, SaveOnEnergy's free comparison tool can help you get started. It allows you to compare quotes from solar installers and find the right plan for your energy needs. All you have to do is input your zip code, choose from the list of providers, and sign up to start saving.
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