If you are a homeowner, you must have a mile-long list of fine-tuning and ameliorations you want to make to your house. But the one issue that everyone wants to solve while making changes to the house is to combat the high electricity bills.
With time, switching on a light is turning out to be costlier, which is why people are searching for a renewable and economical source of energy. This hunt for a better source of electricity has brought people to solar energy.
After the initial investment in solar panels, you sit back and enjoy a continuous electricity supply without spending a lot of dollars. But did you know that the same solar panel that you can use to bring the electricity bill under control can increase your property value too?
According to CNBC, it has been found that solar panels increase the value of properties by almost 4.1%. So, let's discuss all you need to know about solar panels and how it positively affects property value.
Why is solar energy so vital?
When it comes to the importance of solar panels, many factors support the need for solar panels in every house. Apart from cost saving, solar panels are a greener source of energy, thus they have a positive effect on the environment. You won't be contributing towards the depletion of nature.
In addition to this, solar panels are now being supported by the government, and thus you can use the solar panel installation in your house as a tax benefit. Even the maintenance cost of solar panels is less, and you won't be bogged down because of it.
Moreover, by choosing a solar panel company for solar panel installation, you will be making a secure environment. It will start acting as the best form of reducing expenses in the long run since you won't have to pay high electricity bills.
By what percentage does your property value increase after solar panel installation?
Many homeowners are flocking toward solar panels just for increasing the property value, and all the other benefits of solar panel installation come as an add-on for them. According to a study, it has been found that the use of solar panels can increase the resale value of the property by $5,911 for each kilowatt of solar panel installed.
In terms of percentage, the overall property value can increase by up to 4.1% just by calling a solar panel company and getting the right type of solar panel installed in your house. This is now acting as a motivation for switching to solar panels instead of rehashing the source of electricity that is slowly becoming a burden for many people.
Factors that influence the value of your property
Location of your house
The house's location will play a prominent role in deciding how much worth will be added by switching to solar energy in Orlando. But there is no specific parameter that can be used for determining this factor.
Purchasers, lenders, appraisers, and even brokers are aware of the perks of solar at the onset of the process, set up in those areas that have a more active solar marketplace like New Jersey or California. So, keep the location of your property in mind while analyzing the increase in property value by opting for solar energy in Orlando.
Electricity costs in your area
The best way to analyze house value increase is to run a cost-benefit analysis. The current price of electricity in the area where you live will also affect the overall value of the solar system that you are planning to install.
To begin on the right foot, take a look at the electricity bill and come up with the right cost of the residential solar system size you will need based on the number of kilowatts consumed. Then, you can know the number of solar panels required, and this is where the numbers obtained can be compared with the local average selling value.
The magnitude of the installation
The more solar panels, the more the property value. This means if your roof can support more solar panels than what an average house can accommodate, then the property value will be better than the average rate.
You can't just call a solar installation company, install two solar panels that power a couple of bulbs in the house, and then expect the property value to increase by more than 4.1%. The number of solar panels should be directly proportional to the actual size of your house.
Quality of solar panels
Suppose you are planning to increase the value of your property by installing solar panels through a solar installation company and trying to save money on installation by compromising on the quality. In that case, all your efforts will go in vain.
Even the quality of the solar panel will play a crucial role in deciding by what percentage the value of your property will increase after solar panel installation. This is why you should always choose a reputed company for solar panel installation.
A switch to solar panels makes perfect sense to people who want to save money and move to a more green power source. But do solar panels increase property value? Yes, in a nutshell. A broker will always consider the solar panels on a property as an addition to the overall value since it offers a long list of benefits.
So, by working with an experienced and reputed company like Emerald Sun Energy that offers the best solar panel solution, and by using the right approach, you can increase your property worth and enjoy the wide array of benefits provided by solar panels.