Are you planning to invest in solar energy?
You aren’t alone since 46% of American households consider adding solar panels to their homes. It isn’t difficult to see the benefits of solar power. After all, the prospect of going off-grid is always attractive.
However, one of the other benefits of having a solar panel system is the increased property value. It’s a great feature since you’ll get more out of your investment when it’s time to move.
Read on as we discuss how the increase in value happens.
How Much Is the Increase in Value?
Your home value will increase by $20 for every $1 decrease in your yearly energy bills. If your solar panel system saves $400 a year, your home value is worth $8,000 more.
However, the added value isn’t as concrete as other home improvement projects. It’s because people either view solar panels as a major benefit or a downfall.
The good news is the increased solar power usage will develop a standard. For now, finding the right buyer is your best bet when increasing your home value. Regardless, it’s better to enjoy its benefits on your electric bill and the environment.
How Much Do Solar Panel Systems Cost?
During the past years, the prices of solar panels dropped significantly. The price will depend on a few factors. The size and type of solar panels both play a major role, as well as your location.
Some states can offer solar rebates and incentives to attract more households to switch to solar energy.
The average 2-kilowatt system costs around $8 to $10 per square foot. The price is between $16,000 and $20,000 before applying the state and federal incentives. This solar panel system is enough to offset an average household’s electricity needs.
Solar panels maintenance rarely goes beyond the occasional cleaning. It shouldn’t go beyond $330.
Are you leasing your solar panels instead? Check the fine print and determine whether cleaning is a requirement. Regardless, it’s still a great idea to maintain your panels to ensure their longevity.
How Much Tax Credit Do You Get?
Homeowners with solar panel systems get tax credits from EPA. Before 2019 ended, the rate was 30% of your total costs. The percentage dropped in 2020 and will disappear once 2021 ends.
How Much Do Solar Panels Save?
The money you save from solar panels will depend on the type of system you choose. Your current local electricity rates also affect the amount of savings.
For example, Oregon’s monthly electricity cost is around $100. If your solar panel system offsets your monthly bills, you’ll save $1,200 each year.
Make Your Home Increase in Value Now
Now you know how solar panel systems make your home increase in value. Never let misconceptions prevent you from investing in solar energy. Use these facts to guide your decision.
Your next step is to find a great solar panel company. Never opt for the cheapest one around. Instead, study the factors affecting the company’s quality.
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