Do Solar Panels Increase Home Value?

Do solar panels increase home value? This is a question that many homeowners ask themselves. The answer, thankfully, is yes! Studies have shown that the installation of solar panels will increase your home value and make it more attractive to buyers when you decide to sell. Not only do they produce clean, renewable energy while reducing the cost of electricity bills, but they also make your house more attractive to potential buyers. There are also other benefits to installing solar power in your home. In this blog post, we will discuss how do solar panels affect the price of your house and why they are such an excellent investment for any homeowner.

Solar Panels Increase Home Value

In recent years, homeowners have been flocking to solar panels at a rapid pace. The reason is simple: it’s affordable, renewable, and helps cut down on the cost of electricity. In fact, installing solar panels can increase your home value. But by how much? Let’s break it down.

Factors that Affect Home Value Add

There are many factors that play into exactly how much value will be added to your home with a solar panel installation. These include:

  • Location of your home or business
  • Regional electricity prices
  • Cost of solar installation
  • Replacement cost of system
  • Occurrence of power outages
  • Date purchased
  • Energy generation amount
  • Solar panel efficiency
  • State and local incentives
  • Solar panel ownership or leasing
  • Electricity bill savings

It is safe to say that solar panels will increase the value of your home but how much it will increase varies.

When considering a solar panel installation, it is important to do your research and look at the factors that we mentioned. These will help you determine how much value adding a solar panel will do for you.

How much does solar increase home value?

It is difficult to come up with a concrete answer to the question. However, several studies have been done across the US that can give us a ballpark estimate of what to expect.

A study by Lawrence Berkeley National Laboratory found that installing solar panels increased average home prices $15,000-$20,000. Though an upfront investment, it’s worth considering as an investment over time. Who knows how much our world will change in 10 years from now! But for now, there’s no better time to install solar panels.

Calculating Solar Powered Home Value

Researchers estimate that home value increases of about $20 for every dollar saved on annual energy costs.

In order to quickly calculate how much more your home could be worth with solar panels, you can multiply yearly energy bill savings by 20-25 year lifetime of solar panels. the average American family of four has a monthly energy bill of $120. That means there is a potential amount of savings of $1440 per year. Times that by the 20-25 year lifetime of solar panels and you are looking at an estimated home value increase of $28,800. That is not including other benefits and tax incentive programs. This is a pretty attractive offer.

For example, if the average energy bill for your home is $170 then you could estimate a home value increase of $.

Do homes with solar sell faster?

Solar powered houses typically stay on the market for a different length of time than houses that still use traditional power. Solar panels can help your home sell faster.

A solar energy installation will help sell your home 20% faster than residences without solar panels. Why?

Everyone and their mom would love to stop paying such high electricity bills. Any property listed for sale is required to list the Energy Performance Certificate (EPC). People are starting to care more and more about a home’s EPC score because energy prices are rising and there is no telling when they will stop.

With a solar panel installation, you will receive a better EPC score. Therefore, your property will become more attractive to buyers. Not only that, the added incentive is that they will immediately get the benefits of living with solar without having to go through the hassle of installing them.

Get Help Paying for the Cost of Solar Panels

It’s no secret that solar panels are more affordable and more efficient than ever before. And now, with the help of a new federal tax credit, you can save up to 26% on your solar panel purchase! With this deal, it won’t be long until all homes in America generate their own clean energy. This is an investment worth making for everyone who wants to protect themselves from skyrocketing utility bills and environmental pollution. The solar tax credit is available for homeowners just like you!

We’ll also have some great tips on how to save money with your new solar panel installation so that you don’t end up spending any more than necessary when making this investment. Join us as we explore what’s available and talk about ways to make your solar panel installation both cost-effective and easy!

What is a tax credit?

A tax credit is a dollar-for-dollar reduction in tax liability for an amount that was spent or that the taxpayer paid. Tax credits are subtracted directly from the total of tax owed and reduce a taxpayer’s liability. Tax credits are different from deductions, which can only decrease your primary tax (or income) by 2.5%.

What is the federal solar tax credit?

Every year the federal government offers a tax credit to incentivize homeowners to install solar panels on their homes. With this incentive, homeowners can save around $5,000 off the cost of installing solar panels. If you have been considering investing in renewable energy for your home and are looking for an affordable way to do it then now is the time! The tax credits are only good until December 31st so don’t wait any longer! This solar tax credit is a dollar-for-dollar reduction in the amount of solar taxes owed. For example, if you have solar panels on your home and owe $2,000 for solar taxes, with the solar panel tax credit of 26%, you will only owe $1,000 instead. If you want to know more about solar tax credits

Am I eligible to claim the federal solar tax credit?

Every state and even every county has unique claim requirements. If you are interested in knowing specifics, please give our team a call. With your zip code we can tell you exactly what programs are available in your area that may help you pay for solar panels. In addition, because we work with installation partners across the US, we are able to offer special discounts on your solar panels.

In the United States, solar taxes are claimed on your solar credits. Different solar panels for solar power systems may qualify for a solar tax credit. The Energy Policy Act of 2005 created solar energy investment through new solar panels and solar tax credits.  These solar tax credits include: up to 26% solar panel installation cost, solar panel solar credits of 10% and solar thermal solar energy tax credits of 10%.

What’s included in the solar tax credit?

  • Solar PV panels or PV cells used to power an attic fan (but not the fan itself)
  • Labor costs for contractor design, installation, preparation, testing, inspection, and permit fees
  • Equipment necessary for keeping your solar panels safe and compliant such as wiring, inverters, and converters
  • Devices that are charged exclusively by solar panels and used to store energy
  • Sales taxes on eligible expenses

Other Incentives for Installing Solar Panels

Different states and local authorities offer unique incentives for homeowners wishing to install solar panels and take advantage of opportunities like tax credits and solar panel discounts. Starting with a free consultation, our team can map out every program and incentive you are eligible for so paying for your solar panels doesn’t seem impossible. We will match you with one of our expert solar advisors who will answer all of your questions and find ways to save you money on solar panels.

How Much Do Solar Panels Save On Electricity Bills?

Solar power is a great way to create sustainable energy for your home. The sun sustains life on Earth, it only makes sense that we should take advantage of its power and harness it as our own. There are many benefits of solar power including saving money on or eliminating your electricity bill. Electricity prices keep going up and consumers may think they don’t have another option but to pay their high electricity bill; however, solar power gives you another option! Invest in solar panels today and stop paying those high monthly electric bills!

Solar Panels Can Save You Money

For many homeowners, the cost of electricity can make a significant dent in their wallet. The average homeowner spends $1,923 on electricity per year and that’s only going to increase with time. That’s where solar panels come in.

Electricity costs are soaring. But we have good news. It’s one of the largest expenditures for homeowners and can be reduced with solar power! Solar energy is a renewable resource that does not use fossil fuels to produce electricity. A home powered by solar will reduce its electric bill from $1,000 to around $0 annually! That’s right – zero dollars per year for your electric bill! The cost of installation is quickly offset by the savings you’ll get over time. Even if you install solar panels at age 65, the return on investment could be as high as 10%. Do yourself and your wallet a favor – go green today and save thousands of dollars each year!
Would you like to dramatically reduce your monthly electricity bill? There is a way. Invest in solar panels! Solar power has been around for years, and as technology improves it becomes more affordable for homeowners. You might be surprised by how easy it is for you to go green with solar energy. 

Reduce or Eliminate Your Electricity Bill with Solar Panels

You may have heard that installing solar panels can reduce or eliminate your electricity bill. Is it true? The answer is yes!

Solar panels can reduce your electricity bill by generating energy from the sun. This provides an alternative to fossil fuels and reduces carbon emissions, which benefits our environment. A clean source of renewable energy that’s free for you to use – all day every day! (No more high electricity bills!) It may sound too good to be true, but thank the skies it is not. Granted, it isn’t completely free because you do have to pay up front for solar panel installation costs. However, about 90% of home and business owners qualify for $0 down and attractive tax incentives make the choice a no-brainer. The amount of money you save on your electricity bill for years to come will surely outweigh the investment.

Is your electricity bill very high? Solar panels can help!

Let’s think about this logically for a moment. If solar panels weren’t worth it, then why would millions of homeowners make the choice to install them? It’s because they see the value in solar panels and are attracted to the savings on their electricity bill. As long as they are designed, installed, and tested by a reputable solar energy company, your solar panels will end up saving you money for years to come. If you ask anyone who has them, most will say that it was one of the best investments they ever made for their home and family. After all, who wouldn’t want to reduce or eliminate their electricity bill. Especially with electricity prices rising all over the world.

Solar power is worth it from an economic standpoint as well. The vast majority of homes have a roof already installed that can be used to mount solar panels. There is no need for expensive construction or installation.

The cost of solar panels depends on the size and number you want to install, but most estimates confirm that it will take only three to five years at current prices to recoup your upfront investment. After that time period, your panels will produce enough power to offset any future electric bills.

Tax Credits for Solar Panel Installation

The benefits of solar power don’t stop there. For those installing panels for the first time, the federal government offers a 30% federal tax credit off your investment and any excess energy that is generated can be “sold” back to your utility company. You don’t actually get cash money for extra energy generated, but you do get credits. If you are curious about this, give the Phoenix Power team a call and we can explain the nitty-gritty. In short, this means you’re not only going green by reducing or eliminating your electricity bill but you are making a profit.

The federal tax credit is a great incentive for the first-time solar panel buyer, but it’s not the only incentive. For example, Arizona residents also receive incentives from their state government that can cover as much as 50% of their investment in solar power! When you get started going solar with Phoenix Power, we will make sure we take advantage of every single incentive that your state and local government offers. Because we operate nation-wide, we know the deals and loopholes like the back of our hand.

Solar Panels Make Your Electric Bill More Predictable

Have you ever been surprised by your electric bill? Installing solar panels could make your electric bill more predictable. Because electricity prices are hard to predict and are always changing beyond your control, it can make receiving the electric bill an unpleasant, even anxiety ridden time of the month.

The good news is that your electric bill can be more predictable, and you can save money with solar panels. Solar power systems are a great way to take control over the rising prices of electricity because they generate energy from renewable sources. In fact, utility rates have been increasing by at least three times the rate of inflation in recent years. But with solar power, the sun will provide energy for your home and you don’t need to worry about those prices increasing because the sun is a free and renewable resource with a constant predictable price per unit. The price per unit has been and will always be free!

The best thing? You can start saving money on utility rates as soon as you install solar panels! Even if the cost of electricity does go up, you will pay the “rate set by the sun” and all you need to do is purchase solar panels.

Save Money and Support the Environment with Solar Installation

Solar power systems provide benefits for the environment too! Solar energy doesn’t produce harmful byproducts like carbon dioxide, sulfur dioxide, or nitrogen oxide which pollute our air. And because we don’t have a dependency on electricity from fossil fuels with coal fired plants that release toxic chemicals into the atmosphere when they burn fuel, there’s no worry about dirty emissions going up in your home either.

You can invest in renewable energy and stop high utility rates – make sure to take advantage of this opportunity before electricity prices go up even more!

Phoenix Power Can Help You Save Money

Power your home with the sun and stop paying high electricity bills. Contact Phoenix Power today for a free consultation! Save money and support the environment by making the investment in solar power.

It all starts with a custom free quote from one of our expert solar advisors. Ask for yours today and we will check if you qualify for $0 down on solar power installation!