How Do Solar Panels Affect My Home Value In Colorado?
Generally speaking, buying solar panels and battery storage increase a home’s value on the real estate market.
According to EnergyStar, you can gain $15,000 to your home value when you install solar panels and, on average, solar panels can increase a home’s value by 3% – 5%.
So, how do solar panels impact overall home value?
Basically, solar panel systems help raise your home value by saving homeowners money in the long run through lower monthly electric bills. In areas with high energy costs, this can be especially appealing. And unlike many other home upgrades, solar panel systems require very little ongoing maintenance.
In this blog, we’ll go over how the resale value of your Colorado home could be impacted by installing solar panels.
Ready to install solar panels to increase your property’s value? Our team will give you all the information you need to make an informed decision. Photon Brothers is dedicated to providing high-quality solar installations and amazing customer experience. Call 719-204-3094
Monthly energy savings boost resale value
A study by the United States National Renewable Energy Laboratory (NREL) showed that for every $1 that a solar panel system takes off of a home’s monthly power bill, the home value increases by $20.
It’s no secret that installing a solar energy system in your home requires an upfront investment. But if we’re looking at the value added to your home, a prospective buyer will not be thinking about the cost of installing solar panels. Because they will automatically receive the monthly savings and environmental benefits of solar panels without having to install themselves, they’ll likely focus on the long-term savings they’ll enjoy.
At Photon Brothers, the majority of our customers have an average energy bill of $150+ before installing a solar panel system. That means that if they were to install enough solar panels to offset the cost of electricity each month, they could see savings of up to $1,800+ each year.
Homeowners with more solar panels will likely save more because the amount of energy produced is greater. For some homes with solar power, it’s not unusual for the homeowner to spend $0 on their monthly energy bill. This is because their solar panels actually provide more electricity than they need. Keep in mind, this will not be the case for every homeowner. The more solar panels, the more you save on energy bills and the more your resale value will increase.
For more information on how much you can save by going solar, call 719-204-3094 or schedule a free estimate online.
Solar panels attract environmentally conscious homeowners
Most home buyers in Colorado love the idea of solar power. In addition to the potential energy savings and being entirely independent of utility companies, solar panels provide environmentally conscious homeowners with a sense of pride for helping the planet.
Solar power creates 91% less CO2 pollution than natural gas and 96% less than coal. Because solar power derives clean, pure energy straight from the sun, solar panels help combat greenhouse gas emissions in Colorado and reduce our collective dependence on fossil fuels. For people who are aware of the environmental benefits of solar energy, they’ll likely be automatically drawn to homes that already have solar panels installed.
For homeowners with solar panels who are putting their homes on the market, we recommend hiring a real estate agent who’s familiar with solar energy. That way, they can properly explain how eco-friendly solar panels are to potential buyers.
Lastly, there’s evidence that suggests homes with solar panels spend less time on the real estate market than homes without them. That’s right, studies show that solar panels can help sell your home more quickly.
Leased vs. bought solar systems
If you’re planning on selling your home and are looking to secure a higher sale price, it’s more beneficial to buy a solar energy system rather than leasing one.
Unfortunately, it can be challenging for new homeowners to buy homes with leased solar panels because of the various contracts and fees associated with doing so. Essentially, if a homeowner installs a solar system through a lease or Power Purchase Agreement (PPA), it belongs to a third-party owner. This requires the third-party to be involved in the transfer.
So, if you’re looking to get the most out of your money and benefit from the increased sale price, buying solar panels instead of leasing them would be the best choice.
Trust the best in solar energy. Schedule your free, no-obligation consultation with a cost estimate today.
As a Colorado solar energy company, Photon Brothers is committed to helping Coloradans protect the environment and make progress towards energy independence through clean, affordable solar power. Give us a call today at 720-370-3344 to see if solar panels are a worthwhile investment for your home.