Tuesday, July 27, 2009
Will Solar Panels Add Value To My Home?
Adding a solar electric system to your home is a major decision and investment.
And if you are considering it, you are also probably wondering if they will add value to your
home. The answer depends on a lot of factors. Here are some things to
consider.
First, how aware is your community of the benefits and value of solar energy?
If you live in an area where a lot of people are interested and involved in the green living
movement, potential buyers may be willing to pay more for a house that already has a solar electric
system installed. But if you live an area where there is very little eco-friendly activity,
where people don't care much about recycling or environmental concerns, buyers may be indifferent
the effort and money you have put into installing solar panels.
But even in a community where people never think about green living, usually
everyone can appreciate saving money. Does your house have a history of energy savings over a
number of years? If you can produce a paper trail of your energy savings over the past few
years, you will have good evidence that the solar panels you installed are a benefit to new owners.
With the cost of heating and cooling often running into several hundred dollars each month
for some families, savings on utilities becomes important.
But what can you do to prove energy savings if you have only recently installed your
solar panel system? You can call your local electric utility company and ask them for their
statistical projection of how much your electric bill will decrease. You can also get data
from the company which installed your solar energy system. Most of the larger solar
installation companies have marketing departments that gather that kind of data to help people see
that solar panels will generate energy savings for them.
Another factor to consider is how common solar energy systems are in your housing
market. If solar panels are common, your real estate agent will be able to give you actual
statistical data that shows the difference in selling price between houses with solar panels and
houses that have only public utility electric service. If this kind of data is available in
your market, you have the best possible proof that can show a potential buyer.
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