Does Solar Panel Installation Increase Property Valuation?

Solar power is the most popular source of renewable energy. When it comes to numerous benefits of Solar Panels for Home Pocatello, it also includes a positive return on investment. But many homeowners want to know how much the solar panel installation increases their property value. And, there is no easy or definite answer as it depends on several factors.

Usually, there are two ways to evaluate the worth of solar panels for a home. Firstly, it depends on the banks to value a solar-generated property. Secondly, it depends on the homebuyers to invest in the solar-generated asset. Simply put, it is worth it when someone is interested to pay for it!

General Worth of Solar-Generated Home

A lot of studies show that properties with solar power systems get a higher valuation than similar properties without fitted with solar systems. Generally, the property value increases 3-4% after adding solar panels.

Let’s find out some factors that can influence the resale value of solar-power equipped properties –

Factors to Increase the Property Value after Installing Solar Panels

How much solar panels can add value to your property depends on several factors, such as:

·         Location

Location, indeed, plays a major role in determining how many solar panels can increase your home value. If you live in a location that has active solar markets such as New Jersey, California, and Idaho, you’ll get a higher value for your home compared to the location with less developed markets. After all, once you install the solar panels from any reputable Solar Contractor Pocatello, your home buyers, appraisers, realtors, and lenders are more likely to understand the increased valuation of the property.

·         Size of the Installation

The post-installation property value will also depend on the number of solar panels accommodated there. You can consult with an experienced Solar Contractor Layton about the production capacity of solar panels proportionate to your home size. A study shows that the estimated resale value of a home increases by around $5,911 for each kilowatt (kW) of solar energy.

·         Quality of Solar Panels

The quality of solar panels is another important factor to influence the resale value of your home. The technology features, lifespan, and warranties largely depend on solar panel manufacturers, inverters, racking, and equipment.

If you choose one of the Best Solar Companies in Pocatello like Second Sun Solar, you can display their monitoring software to your prospective buyers and accordingly ask the resale value for your home. Hence, it is important to research and invest in the best solar technology to get the best out of your investment.