When we talk about the value of solar, we’re most likely to think about it in terms of power outlet and energy efficiency. But the benefits of solar have the potential to trickle down to affect your finances in ways you might not have expected. One of the most significant of these is the value that solar power can add to your home. If you’re trying to come up with some different ways to improve the value of your house, an investment in a solar installation is one of the best approaches to take!
Before you decide to go solar in your household, you may be wondering what sort of return you can expect on your investment in the long run. These are some of the most important ways in which investing in solar power can affect the value of your home:
Buyers may pay more for homes with eco-friendly upgrades.
When today’s homebuyers look for houses, green upgrades are one of the features they are most likely to prioritize. In our increasingly eco-conscious world, upgrades such as solar panels are looking more and more attractive to homeowners—and moving into a home that already has panels means that they don’t have to make the investment and install them on their own. In addition, the potential savings offered by the presence of solar power can be enough to sell an interested buyer on a home. That’s why it’s important to always highlight the presence of solar installations when you’re marketing your home, especially when you own it instead of a lease.
Your home’s location affects how solar will impact it.
The more active and developed your state’s solar market is, the more value a residential solar investment holds. Of course, solar is far from an unknown quantity in Arizona—in fact, the state ranks third in the country for installed solar capacity. When you make the jump to invest in solar, you’ll have an abundance of resources to help you, from state incentives to local solar contractors. In short, Arizona is an excellent place to decide to go solar as a homeowner.
More extensive installations are more attractive to buyers.
The more high-quality solar panels you install on your property, the more energy your home will be able to take advantage of—and the more value your installation will hold for your home’s future value. According to the National Renewable Energy Laboratory, you can expect to enjoy a $20,000 boost in your home’s value for every $1000 you save on your annual energy bills thanks to your new solar installation. Deciding to go solar in a significant way will help you protect the environment and keep your utility bills low, but it can also pay off if you ever decide to sell your home.
Your home’s savings are only set to increase over time.
If you’re looking for a long-term investment to make in your home, solar installations are one of the smartest choices you can make. The reason lies with the rising cost of electricity. As utility rates go up, the amount of money you save by using solar power also increases. Over a period of several decades, this adds up to serious savings—which you can then pass on to whoever ends up purchasing your home. When you decide to sell your home, the prospect of ever-increasing savings is sure to be an attractive one to your potential buyers.
The boost in your home’s value will cover the cost of installation.
Installing solar panels on your property means paying an upfront cost, but that investment is balanced out by the savings you’ll enjoy for years to come. Normally, when you make a renovation or addition to your home in order to enhance its value, you need to subtract the cost of that change from your profit since you don’t expect to get it back. With a solar installation, however, you can expect to receive significant savings on your utility bills as well as an increased home value as a result of your investment. In other words, solar installations pay for themselves.
If you’re wondering how you can start taking advantage of the power potential of the sun’s rays in your Tucson home, it’s time to reach out to the long-time solar experts at Custom Solar and Leisure. Our team can design and complete a wide array of residential solar installations, from PV panels to pool heaters. We’ve been working to help homes and businesses in Southern Arizona achieve clean, efficient, renewable energy since 2007. If you’d like to get a free estimate for your home solar installation, call (520) 314-3768.