It’s impressive to see the rise in use of #solar panels around the world these days. This trend certainly has green #energy advocates jumping up and down for joy because of the way it lessens the world’s dependence on fossil fuels. Not only that, but with the improvements in solar technology people can now install these systems at a lower price, reduce their home energy bills and even sell the power back to the grid in some cases. It’s pretty remarkable how far solar panel derived products have come in such a short period of time. There is one benefit of solar panel installation that often gets lost in the shuffle though. Few people realize that adding solar generated power to your home will add some significant value to it also.
Not only does the installation of solar panels on your home increase it’s value but that value is a two-way street also. It increases both the real estate value of your home and the perceived value of your home if you should ever decide to sell it. So installing solar panel energy production circuits on your home is definitely what you would call a win-win scenario despite the fact that these systems can be somewhat pricey to install. It’s still an investment that gets paid back to you in several different ways.
Characteristics of Your Home Solar System That Determine Its Value
Here are some of the variables that play a role in determining how much an attached solar panel system adds to the value of your home:
The size of your solar panel system
In the case of your solar panel system installed on your home size definitely matters. That’s because in theory the bigger your solar panel energy system is the more electricity it will produce to help you save money on your power bill.
The age of your solar panel system
It’s no secret that when it comes to solar panel technology that the latest technology is the best. So the newer the solar panel system you have the more value it will add to your home.
Solar panel system add-ons
What you have besides just solar panels will factor into the amount of value they add to your home also. If you have such things as a dedicated solar battery that cannot be charged from the regular electric grid you can theoretically sell power back to the grid at some point. Things like this will increase the value that solar panel system adds to your home.
Neighborhood Social Perception
We mentioned briefly that solar panel installation also increases the perceived value of your home to perspective buyers. But like everything else this amount of value is variable too. Everything such as home value, political views in the area where your home is located and green energy awareness impact the value of your home’s solar panel system.
These factors make it a little more difficult to put an exact figure as to what your home’s installed solar panel system is worth to your home’s overall value.
For comparisons sake, a study done by the Berkeley Lab in California estimated that for every 5,000 watts of electrical generating power you have it will add almost $13,000 in real estate value to your home.
A Competitive Solar Panel Market Makes Purchasing Solar Panels Even Better
Another thing to consider if you are thinking about adding a solar panel system to your home is that the prices of solar panels seems to be going down even as the efficiency of them increases. That means that in the future you will gain even more value on your home from your solar system than what the Berkley estimates at the current time.
All Signs Point to Solar Panel Installation Being an Excellent Investment
So although it’s hard to put an exact figure on what your solar panels add to your home’s value, all signs point to the fact that it’s a great investment. This is a great feeling in addition to the fact that you are making the world a little greener, lessening the country’s dependence on expensive fossil fuels and even saving yourself some money on your home energy bills in the process. That’s why it’s never a bad idea for any homeowner to definitely consider adding solar panel systems to their home.