Will Solar System Installation Add Value To Your Home?
The last few years have witnessed an increasing demand for green living and eco-friendly homes. People have felt the effects of climate change and are trying to reverse the changes by adopting eco-friendlier lifestyles.
One way they're doing this is by investing in solar technology or buying homes with solar systems. Does this make homes with solar systems more valuable? Below are ways to determine the effect on your home's value.
Location
Not everyone appreciates the benefits of solar energy. If your goal is to improve the value of your home, check if your area has a high demand for solar-powered homes before installation. Research and ask realtors whether home buyers are interested in grid-tied solar. Also, inquire about the selling duration. Do solar homes take longer to sell?
Regional Electricity Costs
How much are domestic and commercial users paying for electricity in your region? If it's cheap, solar system installation might not offer the returns you want. Areas with higher electricity costs will have a higher demand for alternatives such as solar power; thus, driving the value of homes with solar systems.
Size of Installation
Although the size of installation matters, it doesn't mean that you should have solar panels covering your entire property. Ideally, your system should be big enough to support the consumption needs of your home. Keep in mind that bigger doesn't necessarily equate to higher home resale value.
Do You Own the Solar System?
Due to reasons such as financial constraints, some owners choose to lease the solar system. This allows homeowners to enjoy the benefits without spending too much on solar system installation.
The downside is that a leased system isn't your asset; thus, you'll likely not get more for the sale of your home. Also, you can't bundle the system as part of the home sale without informing the owner. It's a slightly complicated issue because you need all parties to agree to the transfer and terms involved.
Quality of Solar System
Not all solar systems are equal. Similarly, not all solar system installations are equal. A DIY install isn't necessarily equal to a professional installation. The latter will come with warranties that DIY installs lack.
The type of panels installed will be another differentiating factor. Having the latest and most efficient solar system will give your home an edge on the market. Its lifespan is another contributing factor. For example, a system that can last 30 years is more valuable than a 20-year solar system.
For more information, contact a company that provides residential solar panel installation.