by EverBright
Experts at Zillow say adding solar panels to your home could increase property value by around 4.1%. On a $300,000 home, that’s a $12,000 increase--which could easily account for a significant return on your solar investment.
For some homeowners, the costs associated with solar installation can seem like a reach. However, the long-term returns on your investment could be realized and enjoyed for decades.
These financial rewards come in more than one form and are accounted for when weighing the long-term value of solar panels.
Monthly energy savings.
The immediate payoff on your investment in home solar is that you produce and consume your own energy, reducing your monthly energy costs and potentially saving you thousands of dollars annually.
Elevate your property’s value.
Wait, installing solar panels will immediately boost your home’s potential sale price? In the paper “Evidence of Rational Market Valuations for Home Energy Efficiency,” the Appraisal Journal found that every dollar saved on energy through solar increases home value by $20.
A $20 to $1 ROI on your solar investment could potentially bump your home’s value by thousands or tens of thousands, further balancing out the initial expense--and reducing your wait time to profit financially.
According to a recent EcoWatch article, you can break even on your solar investment within 8-12 years, sometimes faster, depending on monthly savings on your energy bill.
Now that you know how much a solar investment can increase your home/property value and other short and long-term savings, you can make a more informed decision about exploring solar panels for your home.
*Estimated cost does not include any potential tax credits, grants or other financial support you may be eligible to receive.
Now that you know how much a solar investment can increase your home/property value and other short and long-term savings, you can make a more informed decision about exploring solar panels for your home.
*Estimated cost does not include any potential tax credits, grants or other financial support you may be eligible to receive.
From local and state-specific to federal and beyond: this is your guide to all solar incentives, tax exemptions, and rebates.
Solar energy is a wise investment for your home, from monthly energy cost savings to potentially increasing your home’s resale value by 4.1%.
Going solar is still new for most of us and can be a bit intimidating. In this article, we want to help you get familiar with some solar financing options available.
