The big debate of what increases the home value is always a hot topic. People will redo kitchens, bathrooms, new roofs, or maybe even put a nice patio in the back of the home.
But the important question to ask is “are there numbers or reports that back up the increase home value”? Does your home stay at that value as years to come with that upgrade?
After the energy boom in the US, there is still the question of energy efficiency upgrades in the home and the value of them. Energy efficiency upgrades have become a new market in itself showing home owners that new home buyers want an efficient home. As electricity rates rise, prospective home owners are learning to have an efficient home to offset costs. Energy efficiency can be ranged from lights, heating system, pumps, appliances, and renewable energy systems.
In this article we will be concentrating on one of those upgrades, Solar panels. Solar panels are environmentally friendly, energy independent, and help you save money. When installing solar panels you are not only adding value to your home dollar wise but making it more attractive than any other home on the block. When prospective home owners hear that they don’t have an electric bill and receive free power that can be what closes the deal. Solar homes sold 20% faster and for 17% more than homes without solar an NREL Study shows.
As well as homes selling faster they do increase the value of the home. Other than the NREL Study that was done there are other reports that show added home value. The National Bureau of Economic Research reported that solar panel adds a $20 home value for every $1 decreased in energy costs. Also to show more studies the U.S. Department of Energy’s (DOE) Lawrence Berkley National Laboratory finds that there is strong evidence that homes with solar PV systems sell for more than homes without solar PV systems. The research finds that for 1Kw that you install on your home the value of the home will increase by $5000. This report has become the standard way of quoting what the increase of home value is for the home that goes solar. At the end of the day your solar system will produce for 30-40 years and work for you while any other upgrade will fade out or become unfashionable within the next 10 years. Solar is the right choice for increasing your home value and saving you money every day.
For more information on this topic, call YellowLite today at (216) 333-1364 to learn more! We will be able to answer your questions and provide you with a free over the phone consultation with our friendly consultants.
