Many homeowners add solar panels to their homes to save money on energy bills, lower their carbon footprint and more. But do these features actually increase a home’s value?
The answer depends on a variety of factors, such as your local housing market, the condition of your solar system and where it’s located. A recent study found that homes with solar sold for an average 4.1% more than comparable homes without them, adding $9,274 to the final sale price.
Cost
Solar panels are a smart investment for homeowners. They not only cut electricity costs, but they can also boost home value.
However, how much it will increase a home’s value depends on its location and energy rates. Whether a home’s solar system is paid for outright or financed will also have an impact on its value, since it’s usually more expensive to lease the panels than to pay them in full upfront.
In addition to installation, solar panel costs include equipment fees, labor, and operation and maintenance. These include the solar modules, batteries, mounting hardware, inverter, metering tools, cables, wiring, and inspections.
The size of the solar system is another factor that affects its cost. Larger systems will typically produce more energy and require more storage.
Energy Savings
Homeowners are increasingly choosing to install solar panels in their homes as they seek to save money on energy costs and lower their carbon footprint. One sneaky benefit of solar is that it also increases your home value, according to a recent Zillow study.
This is because solar panels can save a homeowner significantly on their monthly electricity bills, which can help to offset future electric rate hikes and increase their return on investment. However, homeowners should take note that solar savings will vary depending on their specific location and electricity rates.
In addition to saving on their power bills, solar owners can also enjoy tax credits and other incentives that are available in their state or municipality. Those incentives vary widely by state, so it’s essential to do your research before making the switch.
As long as you are the current owner of your solar panel system, you can claim the 30% federal solar tax credit and other incentives that may be offered in your area. Moreover, you can benefit from net metering, which is a program that allows you to send the excess power produced by your panels back to your local utility provider for credit.
Maintenance
While solar panels have long lifespans, they do need some maintenance to ensure they’re working properly. This includes a good cleaning to remove dirt, pollen, and other debris that can obstruct sunlight and reduce energy output.
Ideally, the panels are cleaned manually between two and four times a year depending on local weather conditions. Rain tends to clear the debris off the panels, but if you’re not getting any rain or your panels are caked with leaves and other debris, they’ll need a thorough clean.
Luckily, solar panel maintenance is fairly simple and doesn’t require much time or effort. It’s just a matter of spraying soapy water over the panels and rinsing them off thoroughly.
Installation Time
Solar panels are a great investment that can help you save money on energy bills and even increase your home value. However, they can take a little time to get installed.
Depending on your location and how busy the local government offices are, it can take anywhere from three to six weeks to obtain all of the necessary permits. Your homeowner’s association may also want to be notified and require an approval process, which can add even more time.
Once the permits are in, it’s time to start installing the system. This can happen over a few days or weeks, depending on the complexity of your roof and how many different components you have.