How Solar Panels Affect the Value of a Home for Buyers & Sellers

One of the easiest and most effective ways of improving a home's
value and reducing its carbon footprint and energy usage is by installing solar panels.

Solar panels take the energy from the sun and convert it into electricity, which can be used to power heating and cooling equipment, appliances and electrical outlets

Simple systems can power homes while the sun is shining. Advanced systems have batteries that store excess power for home usage when the sun is not shining or as bright. Some systems can even send excess power back into the electrical grid, further reducing the home' electric bill and potentially resulting in a refund from the power company.

Benefits of Solar Panels for the Home Seller

According to an article in the New York Times, installing solar panels on your home's roof may increase its value by as much as $15,000 when you go to sell your home. To receive the maximum value, the home seller should own the solar panels instead of leasing them from the solar panel company, and the system should be able to produce a minimum of 3,600 watts, which is considered an average size system

When it comes to making the choice to install a new solar panel system on your roof, you may be able to recoup more than you spent on the system while still being able to enjoy the benefits of reduced electric bills for the remainder of the time you spend in your home.

Benefits of Solar Panels for the Home Buyer

Homeowners aren't the only ones who find value in this green technology. As a home buyer, you may be concerned with more than just the home's initial purchase price. Overall energy usage and maintenance can also impact the home's affordability in the short and long-term. After all, if the home isn't energy efficient, it will cost more to live in than a similar home on the market.

One of the ways to ensure the home is affordable is by looking for homes that have solar panels installed on the roof. An average solar panel system can lower your carbon footprint and your monthly energy bills. In some instances, your solar panels may even result in a refund check from your electric company.

If you chose a home that has had its solar panels installed after 2000, you can also expect higher long-term energy output. Solar panels manufactured after 2000 have an average expected life of at least 20 years, which means after 20 years, the panels should still be able to produce between 80 and 92 percent of their designed power output. Rooftop solar panels also do not impact the yard space or the view from the home. This means that you can still upgrade the property with firepits, landscaping and lounge areas without impacting the function of the solar panels.

Both home buyers and home sellers benefit from the installation of residential solar panels. The panels can increase the home's resale value, attract environmentally conscious home buyers and reduce short and long-term energy bills, which reduces the home's overall cost to own and operate.

 

This special guest article was written and submitted by

Justin Havre REALTORĀ®
Justin Havre & Associates
8820 Blackfoot Trail SE, Suite 115, Calgary AB T2J 3J1

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