Great News - Homes With Solar Panels Are Worth More Money!
Imagine you’re in the market to buy a home. You’ve narrowed the search down to your two favorites – Home A is 2,000 square-feet, costs $250,000 dollars, and has a monthly power bill of approximately $150 dollars. Home B is also 2,000 square-feet, costs $260,000 dollars, but has a monthly power bill of just $15 dollars thanks to a roof full of solar panels. Which home would you be more likely to buy?
Studies show that most buyers would go with the more expensive home, opting to spend less money on power bills each month with solar panels.
In fact, a 2019 study by Zillow found that homes with solar energy systems sold for 4.1% more – on average – than comparable homes without solar power. For a $250,000 priced home, that translates to an additional $10,250 resale premium.
More than 80% of home buyers say energy-efficient features are important, according to the Zillow Group Consumer Housing Trends Report.
And according to another industry study conducted by the US Department of Energy, home buyers have been willing to pay more money for homes with solar since 1999. Their study analyzed the sales of almost 22,000 homes in eight states from 1999 to 2013, nearly 4,000 of which contained PV solar systems.
According to the Dept. of Energy’s Berkeley Labs study, adding a PV solar panel system onto a home leads to an average resale premium of $15,000 dollars.
The number of solar powered homes in America is growing rapidly. As of Q3 2021, more than 113.5 GW of solar power has been installed, enough to power 21.8 million American homes!
26% Federal Tax Credit Available For Going Solar
The investment tax credit (ITC), also known as the federal solar tax credit, allows you to deduct 26 percent of the cost of installing a solar energy system from your federal taxes. The ITC applies to both residential and commercial systems, and there is no cap on its value.
After December 31st 2022 the tax credit drops to just 22%, so don’t wait to go solar!
Save Money & Increase Resale Value With Solar Panels
Are you looking to increase your home resale value? Install solar panels and you’ll not only add value to your home, but also save money on power bills! Request a free solar consultation from StarAlt Solar to learn more.
