As the solar movement expands and more people choose to add solar systems to their homes, solar panels have become a desirable asset for potential homeowners. The housing market depends on many factors, but like a kitchen refresh or a patio update might add value to your home, it’s possible that a solar panel system will too.
Depending on your home’s existing value, location and the efficiency of your system, it’s possible that you will see an increase in your home’s market value should you choose to sell it. If you’re wondering how a solar panel system affects your home value, learn more below.
How Much Will A Solar Panel System Potentially Increase Your Home’s Value?
The potential increase in your home’s value from a solar panel system will vary by home. A study done by Zillow found that homes with solar panels could potentially sell up to 4.1% more on average than they would have had they not installed a solar system. The median home value in Cleveland is about $90,000, according to Zillow, which means that a 4.1% increase in selling price would equate to about $3,600.
This study looked at different areas and home values to identify trends in selling prices of homes with and without solar. It was determined that you might see an increase in the return on your solar investment in your home’s value.
How Does Solar Benefit Me Before I Sell My Home?
Chances are, if you’re considering adding solar to your home, you aren’t thinking about selling anytime soon. The good news is that the longer you live with your solar panel system, the higher the potential return on your investment will be!
Your solar panel system is designed to reduce your monthly average electric bill. You might also be eligible for the federal tax credit associated with solar, which allows you to receive a tax credit of up to 26% of your solar panel system installation costs.5
Add Solar To Your Cleveland Home With Pink Energy
If you’re considering the full financial benefits of adding solar to your home, you can consider your home’s market value as a part of that potential return on your solar investment! So enjoy the solar now, and remember there’s potential value for you when it’s time to sell! Wondering how you can capitalize on the value of a solar panel system? Contact our team today for more information on how solar can work for you.