One of the most widely used forms of energy, solar power has many advantages, including a profitable return on investment.
In Texas, do solar panels increase home value?
There is no doubt that Texas homes with solar panels are more valuable. U.S. researchers recently conducted a study that claims According to data from the Department of Energy’s Lawrence Berkeley National Laboratory, buyers have consistently been willing to pay more for houses with solar power systems.
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Do Solar Panels Increase Home Value In Texas?
It’s a smart investment due to the abundance of sunshine, the variety of cost-effective incentives, and the use of clean, renewable energy. Having solar panels is advantageous for the environment and your bank account.
Installing solar panels in a home not only helps to reduce current monthly utility bills; it can potentially increase the home’s value by up to 4.1% more than comparable homes with no solar panels, according to recent solar research done by Zillow, or extra $9,274 for every $1,000 in home value.
How Durable Are Solar Panels In Texas?
It’s true that solar panels are designed to last up to 40 years, which is longer than you’ll live in your current home, based on recent research. Residential solar panel installations in Texas are covered by a 25-year warranty from Wells Solar, so your system will start to pay for itself after a few years. We are able to assist you in finding the ideal solar system for your residence or place of business.
Saving Money by Solar Panels In Texas
After the installation of a solar panel system that meets 50% or more of their electricity needs, homeowners in texas could save between $65 and $100 per month on electricity costs. This range is average, so depending on the size of your home and the kind of solar system you decide to install, your personal monthly savings may be higher or lower.
Factors That Affect Solar Panels Raises Home Value
So, do solar panels increase the value of your house? It depends on a number of variables, including:
- Your state and city
- The cost of electricity in your area
- The size of the installation and your home
- The type, age, and warranty of your solar panels
- How much energy the system can save
Location
The amount that solar panels will raise the value of a house depends significantly on where it is located.
For instance, installations in solar markets with active markets, like California and New Jersey, typically produce higher returns than equivalent installations in markets with less development. This is due to the greater familiarity of buyers, realtors, appraisers, and lenders with the advantages of solar power at the beginning of the process.
Average Energy Usage And Savings
Running your own cost/benefit analysis is one of the simplest ways to determine how much your home’s value will increase as a result of your energy usage. Based on the cost of electricity in your area, the value of your system will also vary.
This treats solar like a rental home that generates income. The value of the asset increases as rents rise, or in this case, as energy prices rise!
Looking at your energy bill is the best place to start. Calculate the cost of the system size you require based on the number of kilowatt-hours used. The average system installation is about three to four dollars per watt.
Once you know how much energy you use each day or each month, you can calculate how many solar panels you’d need to fully power your house. Once you have your panel estimate, contrast it with the neighborhood’s typical resale price. The energy savings should be presented as a real value-based annuity, similar to that of a rental property.
Quality Of Solar Panels
The panels themselves also have an impact on the resale value of your house. Different technology features, life spans, and warranties are offered by manufacturers of solar panels, inverters, racking, and other equipment.
Not just a footnote in the home’s description, solar power should be a distinctive feature of the house. The monitoring software should be displayed to prospective buyers and the benefits conveyed to prospective homeowners
In order to maximize your long-term investment, make sure to research the best solar technology products.
Size Of The Installation
The post-installation property value of your home is positively correlated with the number of solar panels your roof can support. Your solar panels’ output should match the size of your home in a reasonable manner.
So how do solar panels impact property values? A Berkeley Lab study estimates that the resale value of your home will increase by about $5,911 for each kilowatt (kW) of solar.
Importance Of Solar Energy
A 2015 survey showed that 61% of respondents agreed that solar electrical or water heating systems were desirable in a home they’d consider purchasing.
Realtors who know how to highlight solar as the one attribute that sells the home will become more and more in demand as solar grows in popularity. It might be the deciding factor in a buyer’s market between your home and the one up the street.
A relatively simple one-time project, installing solar panels is another benefit. Compared to other significant sustainable living home improvements, it barely affects your living space. Finding the best business to work with and completing the necessary paperwork for installation and warranty purposes take up the majority of your time.
Read More: Can You Put Solar Panels on A Mobile Home?
More Benefits Of Solar-powered Homes
Helps Preserve The Environment
Reduce your carbon footprint and contribute to environmental protection by choosing to power your home with renewable energy. Reduced reliance on hazardous fossil fuels results from using solar energy to generate electricity. In addition to affecting local air quality, fossil fuels release greenhouse gases.
Saves You Money On Your Electric Bill
Running on solar is essentially free electricity for the panels’ 25-year lifespan once you save enough on your energy bill to gain back your initial investment.
The initial upfront price could save you from increasing utility prices over the next couple of decades since utility rates have increased by about 2.9% annually for the past 15 years. There are also federal, state, and local incentives, such as the federal tax credit that allows you to deduct 26% of the total installation cost, making them even more affordable for the average homeowner.
Read More: How Much Are Solar Panels in Texas?
Reliability
When it comes to using solar panels as the primary energy source for homes, reliability is one of the biggest barriers. Solar panels must receive sunlight, so certain times of the year are significantly more productive for them. Although their failure rate is low, it does not change when the sun is shining.
Research has shown that only .05% of solar panels failed between 2000 and 2015. As solar panel technology develops, that rate will most likely go down. Additionally, it’s likely that your home solar energy system will be connected to the regional electrical grid. As a result, you will always have access to backup power even when the sun isn’t shining.
Read More: Is Solar Worth It In Texas?