There’s great news if you’re a homeowner who has a solar energy system: not only are you saving money on your electric bills, but the value of your home has likely increased should you decide to sell. According to research conducted by Zillow, in 2018, homes with solar power sold for 4.1 percent more on average than similar homes without. For a home valued at $350,000, that amounts to a mark-up of $14,350. Zillow also found that mark-ups were as high as 4.6 percent in the Florida market, and 5.4 percent in New York City.
Given the skyrocketing price of electricity in many states, it’s easy to see why potential buyers are willing to pay a premium for solar power. The benefits include the following:
· Buyers will start saving money the day they move into a home already equipped with solar panels. The average household can save more than a hundred dollars a month on their electric bill, depending on the size of the house, energy consumption, and other factors.
· Generating your own energy gives you long-term protection against the rising cost of electricity. According to the U.S. Energy Information Administration, residential electricity rates have risen approximately 15 percent nationwide in the last ten years. It’s unlikely rates will ever decrease, no matter where you live.
· Solar panels are energy-efficient and environmentally friendly. If you’re concerned about climate change and reducing your carbon footprint, solar power is considered ‘clean energy’ that doesn’t generate the carbon dioxide pollutants that fossil fuels do.
· Solar panels can help protect your roof from the elements, extending the lifetime of your roof and saving you money on potential roof repairs.
· Solar panels last for many years – 25 or more – and are a dependable source of energy.
Even if you don’t plan to sell your home anytime soon, you’ll benefit from the cost savings provided by solar and you’ll be cushioned from future, unpredictable price increases of electricity.
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