4 years ago ·
by Dusty ·
New research sponsored by the Department of Energy shows buyers are willing to pay more for homes with rooftop solar panels. This was true for solar systems that are owned as opposed to being leased. The study, conducted by the Lawrence Berkeley National Laboratory in California, examined 23,000 homes in eight states from 2002 to 2013. Researchers found that buyers were willing to pay a premium of $15,000 for a home with the average size solar system of 3.6 kilowatts. Put another way, this is about four additional dollars per watt of solar power. On average, this is roughly 17% of added value to a home.
So if you are worried that you may not stay in your home long enough to justify the cost of solar, don’t worry!Your new homebuyer will happily pay extra for your solar system, and your home will sell faster than homes without solar. Imagine a homebuyer knowing they won’t have a power bill.
Homes with solar sell 20% faster
The National Renewable Energy Laboratory (NREL) conducted a study that found homes with solar systems sold 20% faster over homes without solar. Higher home values and faster sales times makes solar a smart long AND short-term investment. So if you are worried about moving in a few years, you may find that solar helps increase home value and sales time like a good kitchen remodel.
4 years ago ·
by Dusty ·
Homeowners and businesses across the U.S. are turning to solar to lessen their dependency on utility companies, to help reduce CO2 emissions, and to lower their power bills. That’s right, LOWER their power bills. According to the Solar Energy Industry Association (SEIA), the cost to install solar has decreased by more than 73% since 2006, while utility companies are increasing their fees by an average of 5% a year.
Solar has finally become a smart AND affordable alternative energy solution, and 2017 is expected to be a record year for solar installations due to the expiring tax rebates. For many homeowners, the average cost for solar is around $100 a month, with an anticipated savings in the tens of thousands over the life of the solar system. Businesses are saving thousands, while improving their brands and their environmental impact in their communities.
Federal Solar Tax Rebates
The federal government wants to pay 30% of your solar system and installation! The Solar Investment Tax Credit (ITC) offers homeowners and businesses a 30% tax credit for solar installations (Section 25D). Many states have included additional tax incentives on top of the federal rebate. Take advantage of these incredible discounts before they are gone.
How much does solar cost?
The actual cost and feasibility of solar for your home depends on three main factors:
- How much power you need
- Your roof orientation and space for solar panels
- How much you are paying the utility company for power
Take the example of a homeowner who was paying an average of $120 a month to his utility company for electricity. With a 4% annual increase, he expected to pay $68,727 over the next 25 years to his utility company. The payment on a 25-year loan for an equivalent solar system cost him $100 a month. The 25-year savings is $38,727. Since his solar loan did not require any money down, his savings started the very first month, and grows every year.
Once you pay for your solar equipment and installation, your power bill is usually less than $10 a month. Imagine that!
Homes with solar are worth 17% more, and sell 20% faster.
New research by the NREL and Lawrence Berkeley National Laboratory shows that homes with rooftop solar panels are worth 17% more, and sell 20% faster than homes without solar. Read more about these studies and solar home values.
So if you are worried that you may not stay in your home long enough to justify the cost of solar, don’t worry! Your new homebuyer will happily pay extra for your solar system, and your home will sell faster than homes without solar. Imagine a homebuyer knowing they won’t have a power bill.