We've published a number of articles that note the fact that installing Solar Panels boosts property values. According to the U.S. Department of Housing and Urban Development, home values rise an average of $20 for every $1 reduction in annual utility bills. Cut your bills by $500 each year and you've just boosted your equity by $10,000.
Why does solar increase your home value?
Imagine that your electricity was going to get more expensive and your utility would raise its rates at any given time. Imagine that national demand for that expensive electricity was going to keep growing, and had already grown 25% since 1990. Finally, imagine that generating this traditional, expensive electricity was creating pollution and hurting the environment.
You're not imagining. The above are all realities that explain why solar homes sell faster, and for more money. According to the U.S. Department of Energy's Office of Energy Efficiency & Renewable Energy, a solar home will sell twice as quickly as a home without solar.
More information on how solar panels increase home value is found in SunRun's recent report here.
With consumers cutting back on unnecessary expenses, we think it makes perfect sense that a residential solar panel system that can both save on electricity costs and guard against future rate increases would be top of the list for new home buyers!
The amount of energy collected depends on the intensity and range of radiation available to the solar panels. The efficiency of these renewable power sources is getting better with the progress of technology and they are getting more common.
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