The resale value of solar homes is something you need to consider when you're thinking about adding a residential solar power system. Going solar is not only a big decision to make, but it's also a major investment. You're likely wondering whether it will increase the value of your home or make it harder to sell later.
Will your home be worth more after installing photovoltaic (PV) panels? Will potential home buyers be interested in green energy? The answers to these important questions depend on several factors which we'll now examine in this article.
First, how aware is your local community of the cost benefits and value of installing solar power. If you happen to live in a community where many residents are interested in the green movement and the advantages of solar energy, potential home buyers will likely be willing to pay more for a residence that already has a working solar power installation.
Conversely, if you live in an area where there's very little in the way of eco friendly programs, and where people tend not to care about recycling and environmental concerns, potential home buyers might be indifferent to the investment you've put into installing PV panels.
Relax, there's good news. Even in a community where people hardly think about the benefits of green living, almost everyone can appreciate saving money, especially with today's high home energy costs. It all comes down to money.
Your task will be to prove to potential home buyers that your solar powered home will save them significant money on their utility bills.
Here's how you can do that.
If you can produce a paper trail of energy savings over the past several years, you'll have strong evidence that the PV system you installed is beneficial to the new home owners. With today's cost of heating and cooling often running into several hundred dollars each month for many families, a means to save home energy costs becomes very important.
But, what if you've only recently installed PV panels for your home? You probably won't have a paper trail of cost savings. In this case, you can contact your local utility company and ask for their statistical projection of how much your electric bill will decrease taking into account your solar electric power system. Most utility companies will be agreeable to supply the data.
You should also be able to get data from your PV system installer. Most installation companies gather that type of data to help their customers see how affordable solar power can generate electricity savings and increase the resale value of solar home improvements.
Also, how common are PV systems in your local housing market? If they are common locally, your real estate agent should be able to provide you with statistical data that shows the difference in selling prices between solar homes for sale, and houses that rely only on the local utility company.
If you can gain access to this type of data, you'll have verifiable proof to show a potential home buyer that the added resale value of a solar home is to their advantage. Your solar home will be made attractive to the buyer's pocketbook.
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