There are many ways in which solar panels add value to a house. In a market like Dubai, using solar panels is one of the most useful things you can do to increase the price a potential buyer is willing to pay.
Real estate agents will tell you that there is a difference between how solar panels increase property value of your home and adding expenses. Expensive improvements like a pool or extensive landscaping can give your home a wow factor, but the impact when you list your home is likely to be negligible.
Why do these nice features that owners spend so much money on have such a low return on investment? Because next owners will have to pay for the maintenance of these additions even as they enjoy the benefits.
Do solar panels add value to your home?
Solar panels are very different. After the initial investment, a solar energy system keeps your money. When the new owners purchase the home, they will also benefit from the savings, which means solar panels add value to the house.
So, now you may be asking questions like will solar panels add value to my home, or how much do solar panels increase your home value? These are the things we’re going to find out in this article.
How much do solar panels increase your home value?
The savings brought about by solar panels result in better value for your home. The National Renewable Energy Laboratory (NREL) found that every dollar saved in energy through solar increases home value by $20.
That’s a 20-to-1 return on investment. When you sell your home, these better savings are a proof that solar panels add value to the house.
Homes with solar panels sell on average for about 4 percent more than homes without solar. That means the solar panel add value to the home by around $9,200 once you deduct the solar panel cost.
How to Get More Home Value From Solar Power
While solar panels start saving you money right away, additional investments can help you maximize how many solar panels add value to a property. Installing a solar battery, for example, can help you further reduce your dependency on the power grid (sometimes completely).
When selling your home, solar panels add value to the house already, but a solar panel system with a storage battery will provide additional value to a buyer who prioritizes energy savings and independence.
Electric cars are another growing fad among those looking to save money and lower their carbon footprint. Homeowners are getting the most out of their solar panels and electric vehicles with smart EV charging stations that harness the energy generated by solar power to power their cars. For new home buyers with electric vehicles, a smart, solar-powered charging station is a major selling point.
Pro Advice for Selling and Listing Your Home
If you invest in solar energy, solar panels add value to the house and the value of your home should increase. While solar panels like the Longi solar panels are an asset to the vast majority of homeowners when listing their homes, some caveats apply. For more information, check out the Longi solar panels data sheet.
First, in order for solar panels to add value to a house, the solar panels must be owned, not leased. Buyers are excited about going solar, but don’t want to get locked into the previous owner’s contract.
Your agent or real estate agent can work with the buyer to make sure they hire an appraiser who is also knowledgeable about solar energy. Both agents and appraisers use tools like PV Value to calculate the line item added to the solar panel house value provided by solar panels and other improvements.
Without specialized knowledge, tools, and training, your home sale will be in the hands of inexperienced agents and standard bank appraisers who don’t understand how solar panels add value to a house. You may have to sell your home for less than market price if you don’t have the right partners.
How much does solar panel increase property value?
Another reason to invest in solar panel property value before you put it on the market: Homes with solar panels tend to sell faster than those without. Research by NREL has stated that houses with solar panels sell 20 percent faster than their grid-dependent counterparts.
The less time your home is available on the market, the more you can save on storage and upkeep, transportation expenses, and having to pay off two loans at the same time. It also reduces the likelihood that you will have to delist your home or settle for less than the asking price.
Learn how solar panels can increase the value of your home
Pas Solar is passionate about helping homeowners save money on energy, control their energy use, and reduce their environmental impact.
The process starts with a complete home energy inspection. Our team will perform specialized testing to determine where energy (and therefore money) is being lost and will make individualized recommendations for installing solar and other options to improve efficiency.
Pas Solar is recognized as an approved solar contractor in Dubai, where you can buy solar material in Dubai. We respect your home, and our team can help you make energy-smart upgrades, whether you plan to sell the home or live in it for years or decades to come.