In a time when renewable energy is gaining traction, solar panels are becoming more common for homeowners and homebuyers alike.
Solar panels are already well-known for their ability to reduce a home’s electricity bill but, recently, another benefit has been discovered: A U.S. Department of Energy report states that home-owned solar panels can increase the value of a home by as much as $15,000.
In the Department of Energy report, several home sales which occurred between 1999 and 2013 were monitored. The report calculates that solar panels increase homes’ values by roughly $15,000. At a time when solar panel installations are growing in popularity, the increase in value is even more incentive for homeowners to have them installed.
There is, however, a catch. Installing solar panels in and of itself will not increase a home’s value. It is how the panels are financed that determine their value.
In general, leasing solar panels isn’t as advantageous as buying them outright. In fact, some studies suggest that leasing them can reduce the value of a home, particularly in areas of the nation where panels are rare. When one buys solar panels, they become an asset of the house. When one leases solar panels, they become a long-term liability that some homebuyers may be hesitant to take on.
Because of this, leading solar panel manufacturers are offering manageable payment options for purchasing solar panels. Some of these options include zero down payment and flexible payment plans. In addition, the providers are developing more options for the panels. Solar-plus-storage, for example, enables homeowners to store electricity made during the day in order to use it at night or during a blackout. In addition, some solar panel systems can be linked with a home control system that can manage how much energy is being used or collected.
Overall, the recent innovations in solar panel technology, their growing affordability, and their positive influence on home values are making solar panel technology more attractive, and not just because they save money on electricity bills.