There are countless benefits to installing solar panels, but you might be wondering whether they’ll actually add any value to your home.
The solar industry is booming like never before, with people all across the nation opting to install solar panels on their roofs. One of the reasons for this is the falling price of solar. Today, it’s about $2.6/watt, down from $7.5/watt in 2010.
Although costs are getting cheaper, the up-front price of installing solar panels still scares people off. If you’re paying all the money to get them, you want them to boost the value of your home.
In this post, we’re going to discuss the lasting value of solar panels. Keep reading and you’ll find out how much solar panels really cost, as well as the value they bring to your home.
Do Solar Panels Add Value?
The short answer to this question is yes. According to research done by Zillow, rooftop solar panels can add quite a bit of value to your home.
They looked at local market dynamics to determine what the solar premium is in different states. It turns out that where you live plays a large role in how much value your solar panels will add to your home.
In New Jersey, a home with solar panels will go for nearly 10% more than a similar home without them. Just a few miles away, in New York state, it’s only 3.6% – but nearly 2% more within New York City (5.4%).
To find out where your state ranks, check out this article on CNBC.
The Benefits of Solar Panels
In addition to bringing more value to your home, there are ways to really lower the cost of solar installation so that the break-even point comes sooner. With federal and state tax credits and rebates, you can chop the cost of installation nearly in half.
This too depends on where you live. Everyone has access to the federal ITC, which allows you to claim 26% of the cost of your solar installation back on your taxes. Some states offer a similar break on your state taxes.
Beyond these tax breaks, you may be able to find local solar benefits. Some utility companies offer performance-based incentives, so you earn rebates based on how much energy your system produces. You can also sell excess power back to the grid for a profit.
When you take all of these things into account, you can really cut into the cost of solar. Combine this with the amount of energy savings you’ll see each month and the value you gain on your home just by having them, you can make a lot of money on your solar panels. Contact Blue Raven Solar to learn more about the benefits of solar power.
Installing Solar Panels, an Easy Decision
Now that you know all the benefits of installing solar panels, including better home value, you don’t need any more reason to install them. Contact your local provider to learn about the different types of solar panels and get the best solar panels for your home. You won’t regret it.
If you found this helpful, come back again for more home and health tips.