Whether you’re looking to save money on your energy bills or increase your property value, you’ve probably heard of the benefits of solar panels. These include decreased maintenance costs, increased resale value, and reduced energy bills.
Increased Resale Value
Getting solar panels for your home is a great way to increase the resale value of your property. According to research, a solar energy system can increase the value of your home by $10 to $25 per $1 in energy savings. This increase is based on the size of the solar installation, the demand for solar energy in your area, and the home’s overall value. Larger solar installations tend to increase the value of a home more than smaller ones.
While installing solar panels can increase the resale value of your home, you should consider the installation cost before making a decision. A solar panel installation can be expensive, but the savings will outweigh the expense of installation and will allow you to keep the cost of energy low for many years. This is the best way to add value to your property and save money. The cost of the components that make up a solar system can also impact the resale value of your home. It is best to check online about solar installers near me to choose solar panels that are relatively new and efficient. Typically, solar panels last between 25 and 30 years; the more recent they are, the more value they’ll add to your home.
Energy Bill Savings
When you install solar panels for your home, you can enjoy energy bill savings year-round. Your solar panels generate excess electricity that you store in solar batteries and send back to the utility grid using net metering. As a result, your home uses less electricity at night and on cloudy days, and your utility company credits your account for the excess energy you generate.
The average U.S. household uses over 10,000 kilowatt-hours of electricity each year, which translates to more than $1,450 in annual utility costs. That means you’ll save more than half of that amount each year by installing solar panels for your home. The cost of solar panels varies based on the type of energy you use and how many days of sunlight you receive.
Increased Property Value
Installing solar panels on your home is a great way to increase property value. It is also an excellent way to reduce your electricity bill. The average rooftop solar installation will pay for itself many times in reduced utility bills. Homeowners who install solar panels also benefit from healthy tax incentives. These benefits can make the cost of installing a solar panel system more than offset, and buyers are increasingly willing to pay a premium for solar-ready homes. A recent report from the U.S. Department of Energy’s Lawrence Berkeley National Laboratory examined sales of solar-equipped homes in eight states over 11 years. The report’s authors found that a six-kilowatt solar PV system adds about $24,000 to a home’s resale value. The report found that homebuyers would pay up to $4 per watt of solar capacity installed.
According to Colorado solar installers, homeowners installing solar panels typically sell their homes for 20 percent more than homes without the technology. This increase translates into about $9,200 more in value for the average home.
Reduced Maintenance Costs
Installing solar panels for your home can reduce the cost of home maintenance by a significant amount. The average lifetime of a solar panel is 20 years, but newer, more advanced models are built to last much longer. Only when the panels break or suffer physical damage will you need to replace them. The cost of replacing a single solar panel is $400-$1,000.
The initial cost of solar panel installation is around $300 to $700. Then, the annual cost of maintenance is anywhere from $450 to $780. The average American homeowner spends $630 per year for maintenance. For a 10-panel 2 kW solar system, cleaning, and inspection will cost around $150. But if you install 20-panel 3 kW systems, the annual maintenance cost can run upwards of $1,000.