Is Solar Power One of the Best Ways to Add Value to a House?
Updated: Oct 27, 2021
When it comes to finding the best ways to add value to a house, most recommendations focus on renovation and remodeling. While upgrading your kitchen or repainting the exterior for increased curb appeal are upgrades that increase home value, working with the best solar installer in your state benefits you even more.
Does Solar Increase Home Value?
Absolutely. According to the popular real estate website Zillow, New Jersey tops the list of home sale price increases from solar panel systems. An average-priced house can realize a 9.9% boost in sale price, which can equal around $32,000. When you look at the initial installation price of these types of alternative energy systems, the profits cover the expense on their own. Of course, you also save money on bills the entire time you live there and get extra incentives from the NJ TREC program.
The actual amount of money or percentage of price increase you receive for your specific house depends on many factors. Different parts of the state, home sizes, and homebuyer demographics can affect the overall benefit of solar upgrades.
Questions About Solar That Affect Property Value
When it comes to upgrades that increase home value, it all comes down to what a particular buyer values. If a specific person has no interest in alternative energy, they may shy away from homes with solar panels because they believe they will cost more in maintenance or introduce new problems to their lives. Other potential issues exist for residential property sales in the future.
· Does the current homeowner own the solar panels or are they leased?
· Will all the incentives and sell-back agreement transfer to the new owner smoothly?
· Is money still owed on the installed system at the time of the house sale?
· Can the real estate agent explain the benefits effectively?
Best Home Improvements to Increase Value
While the installation of solar panels offers an automatic boost to overall property value, there are other changes that make sense. Of course, renovations and remodeling of the interior and exterior can definitely make it easier to sell your home for a higher price. The kitchens and bathrooms are most common. When it comes to finding ways to increase home value that will not suffer due to a shift in trends, think sustainability and environmentally conscious living.
During renovations, choose Green Seal certified materials such as insulation, paint and stain, and carpeting. A healthier and eco-friendly home is a great marketing angle to boost final sale price. Have Energy Star appliances installed. Consider smart windows that automatically transition from fully transparent to tinted to regulate the amount of sunlight and heat that comes inside. Other smart home systems like automatic thermostats are also wise choices.
As the world becomes savvier about the effects building and remodeling have on the environment, greener options and alternative energy top the list of the best ways to add value to a house. Without a doubt, solar panel installation makes a considerable difference in both property value and how popular your home may be on the resale market in the future.
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