There are several things people question before deciding whether to add solar panels to their home, including whether solar power adds value to the home. Studies have shown that installing solar panels can significantly increase your property’s value. The true question is: “How much does solar power increase home value?”
The national average is a 5 kilowatt (kW) solar system. This system offers 5,000 watts of power. In Florida, each watt of solar adds about $3 per watt to a home’s value. With that said, a home with solar should sell for about $15,000 more ($3 X 5,000W) with a solar system.
The surprising thing? That figure is very close to what you would pay for a brand new solar system. Also, bear in mind that this price is what you would pay before you take into account the 30% federal tax incentive. The U.S. Department of Energy states that a solar electric system raises a home’s property value by $20 for every $1 in utility savings per year.
There are many perks to having solar panels installed. One of these perks is that buyers are willing to pay more for homes with solar systems. Homes equipped with solar power systems typically sell for 3.74% more than comparable to non-solar properties. This is beneficial because even if you don’t stay in your home long after installation, you’ll cover your investment in the sale of your home.