Solar panels are not only a sustainable energy source, but also a smart investment that can increase your home’s value. Homes with solar installations sell for 4.1% more than those without them, and houses with solar are 24.7% more likely to sell for more than their asking price, according to a report from Zillow and Rocket Homes.
The added value of solar panels depends on several factors, including where you live, the cost of electricity, and the system you have. It is also important to note that even after the passing of NEM 3.0, solar + storage is still a very good option to save money on energy bills and contribute towards the environment.
How solar panels can increase your home’s value?
One of the most attractive aspects of solar panels to homebuyers is the energy needs that the installation can cover. If the panels can provide all of your home’s energy needs, you could reduce your electricity bill by an average of $1,500 a year, equal to about $37,500 over the life of the system.
Solar is also an appealing selling point for prospective buyers because it is a direct saving that everyone can take advantage of. Solar is more attractive than a pool, which may not be important to all buyers, especially older couples.
Where you live matters!!
The value of a solar setup varies by market. States with higher electricity bills, such as California, Illinois, Michigan, New York, New Jersey, Pennsylvania, and Wisconsin, place more of a premium on solar panels. Many states, including those with the highest residential solar markets, offer credits to homeowners who give excess energy back to the grid, and at least 36 states offer property tax exemptions for a home solar system.
A 2015 analysis by the Department of Energy’s Lawrence Berkeley National Laboratory found that buyers in certain states, such as California, Connecticut, Massachusetts, Minnesota, North Carolina, and New Jersey, paid $15,000 more for a home with a typical 3.6-kilowatt solar photovoltaic system.
Specific metro areas, such as Los Angeles, San Diego, Honolulu, Phoenix, San Jose, San Antonio, and New York City, have also risen to the top when it comes to adopting solar panels. In New York, having solar panels upped the closing price of a property by 5.4%, compared to the 4.1% increase nationwide, according to Zillow.
Electricity prices will remain high^^
Electricity prices may increase by as much as 10% in 2023 and possibly 2024, according to Mark Wolfe, director of the National Energy Assistance Directors Association. Liquified natural gas, which fuels over a third of Americans’ electricity, has become scarcer as the US exports a record amount to Europe. Wolfe wrote in an open letter last fall to Energy Secretary Jennifer Granholm that “unprecedented export volumes are, for the first time in history, binding American household energy bills to global calamities.”
The future of solar panels
Solar panels are not only a sustainable energy source but also a sound investment that can increase the value of your property. Even with the passing of NEM 3.0, solar + storage is still a good option to save money on energy bills and contribute to the environment.
The energy produced by solar panels can cover all or a significant portion of your home’s energy needs and provide direct savings that everyone can take advantage of. Further, the addition of batteries is like the cherry on the cake. Simply put, adding batteries to your solar panel system is an additional benefit or positive aspect that makes it even better.
It allows you to use more solar power at home while using less grid power. When your battery is fully charged, your solar system will transmit power to the grid. If your grid electricity goes out frequently and you need backup power, solar storage options are there for you.
Believe us, even after NEM 3.0 Solar + Storage are still a wise investment that not only can increase your home’s value and protect you from rising electricity prices but also helps you out in case of a blackout or natural calamity.
Call Staten Solar for all your solar + storage needs.