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How Solar Panels Can Increase Your Property Value?

One of the well-used energy sources now is solar power. The upfront expenses of switching to solar could be demanding once you buy the system right away, however, the savings and benefits produce a positive ROI in due course. According to studies, homes with solar panels increases its value for 3 up to 4%. But the ultimate increase in value still varies based on the different factors we will discuss in this article. To know more, check out the items below: 

Location 

The property’s location is the most important aspect that can help in determining the number of value that will be added with the solar panels as an add on. For instance, solar panel installation in active solar markets such as New Jersey and California usually generate higher ROI compared to installations in markets that are less developed since lenders, appraisers, realtors, and buyers are usually more familiar with the solar panel’s benefits at the start of the procedure. 

Installation size 

The total quantity of solar panels that your roof could cater relates directly to the increase of your property value after the installation. The increase of the value of a property is directly contingent on the quantity and quality of the installed solar panels. Your solar panel’s production quality has to be proportionate to your house’s size where your plan is to be installed. You can anticipate that your home’s resale value will be increased by nearly 5,910 dollars for every 1 kilowatt of installed solar according to a study from Berkeley Lab. 

Average energy savings and usage 

Running your own cost-benefit assessment is one of the simplest means of calculating the increase of your home value according to energy usage. Also, your system’s value will vary according to the cost of electricity where you reside. You can begin by taking a look at your electricity bill and knowing the expense of the system size you will require according to the utilized kilowatt-hours. Nearly 3 up to 4 dollars per watt is the average system installation. As soon as you get your monthly or daily usage, you assess the right number of panels you will require to power your home entirely. Then, you can contrast it to your area’s regular resale value. 

Solar panel’s quality 

Another factor in terms of calculating value would be the panels that you’re planning to utilize. Warranty, lifespan, and technology for different manufacturers of racking, inverters, solar panels, and other tools might widely vary. It is vital to take time in doing your homework in researching what would be the greatest products of solar technology to use so that you can maximize your long-term investment.  

Compared to other ways of living a sustainable life and major home improvements, to install a solar panel is definitely a simple one-time project that has a small effect on your living area. That is why it is really important to reach the best solar panel installer in Austin so that solar panels will be functioning for a long time.