Solar energy is getting less expensive and more accessible. If you’ve ever gotten a huge electricity bill during the middle of summer, you’ve no doubt wondered about solar panels and how they might help reduce costs at your home. The next thing you most likely wondered is: Do solar panels affect property values?
It’s a good question, and the answer depends mostly on whether or not you own your solar panels. Here’s a look at different factors to consider when looking into solar panels and solar home value.
How Much Do Solar Panels Cost?
First, it’s important to know how much solar panels cost. Depending on the size of your home and the solar panel provider you’re using, the materials and installation will run somewhere between $20,000 and $50,000. That’s a lot of money to invest in solar panels. Some mortgage lenders are beginning to recognize the value of solar panels, and they will include a solar panel system’s value when lending against your home. That means you may be able to find low mortgage rates if you’re considering buying solar panels for your home.
Buying vs. Renting
Do solar panels increase the value of your house? Consider this: Rather than buying solar panels outright, many homeowners choose to lease solar panels instead, paying a certain amount each month over the course of a set term. If and when you choose to sell your home while leasing solar panels, the buyer will have to take over the lease payments for the rest of the term, or the solar panels will have to be removed and transferred to your new home — at a cost.
So, the short answer is: Solar panels can add value to your home, if you own them. However, there’s always the matter of finding the right buyer. If you live in an area with environmentally conscious homeowners, you’re more likely to find a buyer who likes solar panels and recognizes their value. You may live in an area with low utility costs or an area where homeowners and prospective homeowners don’t see the value in solar panels. In these cases, it will be harder to get the value you think the solar panels add.
Get Expert Guidance Before Doing Anything
At CENTURY 21 Core Partners, we know the York real estate market inside and out. We can answer questions and provide expert guidance as you consider questions of all kinds, including those about solar home value. Get in touch with us today and speak to one of our highly experienced and deeply knowledgeable real estate professionals.
Contact us today with questions about solar home value and other real estate-related concerns.