Solar electricity has gotten a lot better in recent years. The solar panels work more efficiently and create a lot of ‘free’ power. But, do solar panels add value to the value of your home? That is a common question that home owners ask. It’s kind of a complicated question because it depends on a lot of factors. However, in real simple terms, no, adding solar panels to your home isn’t going to add a lot of value to the sales price of your home.
The Case for Adding Solar Panels to Your Home.
Solar power is pretty great. It means that your house isn’t contributing to all of the pollution problems that energy from fossil fuels does. It’s pretty awesome to power your home from the light of the sun. Today’s technology is far ahead of solar panels from the past so it is a great time to get into solar power.
However, placing solar panels on your home doesn’t necessarily add value to your home. If you put solar power on your home and then immediately put it on the market, you won’t recoup those costs.
Solar Panels & Real Estate Transactions
If you have solar panels on your home you can pass that on to a buyer if you sell your home. The buyer can assume the lease and make the remaining payments. If the system is paid in full you can just leave the panels for the new owners or some solar companies can request the loan be paid off at closing.
With all of these scenarios, it is important to think long term when you are buying solar panels. If you are going to live in your home for 20 years or more, you will likely enjoy the benefits of solar power enough to make the costs worth it. But if you need to resell your home within the first few years, it does not make your home more valueable and you might lose a portion of the money you send on solar panels.