01 Jun Increase Property Value with Solar
Homeowners are becoming more and more environmentally conscious by moving to green living. That’s why they are switching to solar energy to power their home. Homes with solar energy systems have been selling for more money because they can provide substantial energy cost savings. Not only can home with solar panels save on energy costs and help the environment, but solar panels also substantially increase the value of the home!
The National Renewable Energy Laboratory states that installing solar panels is viewed as a home upgrade. This is similar to a renovated kitchen or the addition of a pool to your property. In most cases, they increase property value much more than common home renovations. There are also local tax incentives in place for new installations in certain states. For example, in Massachusetts, solar panels are exempt from property taxes. Homeowners can anticipate not only a return on their initial investment but financial gains!
On average, solar panels increase the value of a home by 4.1%. These statistics are according to Zillow’s analysis of homes across the country. And according to a study from the U.S. Department of Energy’s Lawrence Berkeley National Laboratory, homes with solar sell for $17,000 more than non-solar homes.
Here are the top 10 states with the highest solar premiums for the median-valued home according to Zillow:
- New Jersey: 9.9% or $32,281
- Pennsylvania: 4.9% or $8,589
- North Carolina: 4.8% or $8,996
- Louisiana: 4.9% or $7,037
- Washington: 4.1% or $15,916
- Florida: 4% $9,454
- Hawaii: 4% or $24,526
- Maryland: 3.8% or $10,976
- New York: 3.6% or $10,981
- South Carolina: 3.5% or $5,866
Installing solar panels is one of the safest and wisest investments a homeowner can make. Installing a solar system that eradicates your electric bill, pays you back, and increases the value of your home by the thousands is well worth the investment. And If you decide to sell your home in the future, it will be worth much more thanks to solar panels!
For more information on tax incentives seek professional advice from a tax expert.