Do Solar Panels Increase Home Value?
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- เผยแพร่เมื่อ 22 ส.ค. 2024
- Do solar panels increase home value? This question is becoming more common. In this video we examine a lease, a loan, and a cash purchase of solar panels. Each method has different implications for your property's value. Keep in mind this is purely about the financials. There are plenty of other good reasons for going solar!
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Prior to installing our solar system, I talked to a property appraiser, as mentioned in this article, the solar system adds about 50% of the system cost to your home value. We self-installed our solar panel in 2012 at a cost of about $11,000. A contractor cost would have been around $15,000. With our tax credits the cost was about $8,000 (almost half of the contractor price). So, I look at it this way, if I had $8,000 in a 5% CD I would receive $400/year. This year our solar savings was over $2,000 (we’re in California, increasing energy rates). Our system has paid for itself in about 6 years. Instead of money in the bank, it’s on our roof. And best of all a tax free return.
Glad that worked out for you! Especially on the contractor cost. I'm all in favor of renewables in case that wasn't mentioned in the video -- One thing worth mentioning here vs my usual audience is where you are in California, you're getting more annual sunlight, so the return on solar is greater.
Awesome video, exactly what I was looking for. Helps that we're in Boston too! We're making a cash purchase and after incentives, our net cost will be under $12k.
I actually find it hard to believe that it won't increase our home's value more than $12k. We're generating enough to cover our $200/month electricity bill (on average) and that's gotta be a big draw for future buyers. The home itself is worth $720k so $12k seems a little low... either way we are helping the environment so it's a W!!
That's awesome, congrats! Yeah the value can be hard to pin down, really it's just a vague idea and it can even vary depending on your location & market. Honestly it would add more value if the homebuying audience had a better understanding of how these panels work, the leasing vs. owning value proposition, etc. As the average consumer becomes more familiar, I bet the ROI improves. Just my two cents! Thanks for your comment!
Thank God I decided to search TH-cam! I was seriously contemplating putting an offer on a house with leased panels with a remaining 19 years left. Thanks for the info!
I wish I saw this before going solar, the sales man said they would be equal to cost in adding to home value. The $30/mo electric bill is nice but the $50k loan is going to be a headache to navigate when selling. I see best option is paying them off and trying to recoup some from the sale of the house.
The realtor should be able to explain solar as an advantage. If someone is looking to purchase a home with a fixed solar payment as opposed to the neighbor paying 300-500$ utility bills it’s a no brainer. But some agents stumble when it comes to understanding solar. I’d advise you work with a realtor who knows what they are doing. Most agents these days should understand this concept.
@@IAMDC322 that’s reassuring! Thank you for your input ♥️
I'm late to this but I do agree that your choice of real estate agent will matter here. You need someone who fully understands the product, but also can put buyers at ease. Buying a home can be overwhelming so any way to give them the real facts and inspire confidence will be helpful.
The pool is a luxury and isn’t a necessity like an electric bill. Everyone needs electricity and paying a utility company is money you’ll never see again. The utility company will never send you a 15k refund if you sell your home. Solar on the other hand is a return. Not only are you paying yourself with a return but you get a 30% tax credit. 😊👍🏼purchase
Well I think the point of contention here is whether they really help the home's value. I think, generally speaking, people overestimate the ROI on these products if they're going to sell in the near future. Having worked with so many buyers, they don't get that excited about solar, partially because they don't understand it. And the process moves so fast, it can be hard to wrap their minds around certain details.
@@powerrealtyadvisors Maybe because you are not educating the buyers about the cost savings over time. This lack of effort on the part of agents is unfortunate. And I agree, the swimming pool comparison is not accurate.
@@vanhalen45 Thanks for watching! And I do agree with your sentiment. We should spend more time crunching the actual numbers with the client. I think one point I'd add though, at least in our area in MA, is the speed of the market. In a lot of these cases I've experienced, we're in a situation where there's an offer deadline and people already feel overwhelmed. I do go through the numbers with them, but even if I totally nail it, there's a little fear of the unknown that they can't get over right away. Either way, I think we're seeing eye to eye on this. Appreciate your comment!
Amazing🎉
"they don't add value equal to the cost" - what numbers are you using to justify that statement?
Average cost of a 10 kw system in my state is $35,400. They do not add $35,400 of value if you were to turn around and sell.
@@powerrealtyadvisors That is a high average cost, which implies that the solar installers are likely reaping large profits for installing systems that might otherwise be installed more cheaply. This is sad...and does give credence to what you are suggesting in this video. But, my smaller system totaled $22k and with rebates...effectively $19.5k. Loan is lower now.... but even still the real estate agents are undervaluing the system...because too lazy to look at savings from an amortized multi year perspective to assess true present value.