When you want to reduce your monthly energy costs, adding clean energy upgrades already looks like a bright idea, but believe it or not, installing a solar system can increase your home’s resale value.
While the typical residential solar project will cost between $15,000 and $25,000,* 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 half or more of 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 be 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.
what, 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.
It’s no secret that more homeowners are financing solar rather than paying cash upfront. Offering financing options makes solar panel installation more attainable to the average homeowner.
Every successful sale starts with getting your prospect to care about the problem you are solving. In solar, this can be tricky because most homeowners don’t stay up at night fretting about their electricity bill.
How can you make your solar sales pitch more of a narrative and drive engagement with your prospects? Start with analogies!