By, Lisa Roberts
It is by no means a secret that solar panels can raise your home value. But, what most homeowners fail to realize is that simply installing solar panels isn't a surefire way to make your home cost more. In this article, we will take a more in-depth look into the relationship between solar panels and how they can reflect the price of a home in modern real estate.
Ways in which solar panels can raise your home value
In terms of adding value to a home, solar panels can be a powerful tool. They not only increase the start value to the cost of installing them but can also aid you greatly in finding potential buyers for your home. Nevertheless, it is essential to note that solar panels are still a tool. Not a solution. While they can increase the value of a home, you shouldn't hope they will double or triple it. And, in certain situations, adding solar panels will be a needless expense. While they will theoretically increase the value of a cheap home, they can make it more difficult to sell. And just like with any other home upgrade, it is vital to understand how solar panels work within the framework of modern real estate before you opt to install them.
Keeping up with real estate trends
As time went on, solar panels only became more popular as a home feature. In the beginning, they were seen as a modern luxury. But, availability grew, and solar panels have slowly risen in popularity. As it is now, there is no indication that this trend will slow down. This brings us to the first reason why solar panels can raise your home value. Namely, they are quite trendy. People who value solar panels will be more interested in your home if you have them. And people that weren't interested in solar panels will at least want to hear more about them and learn about the benefits they bring.
Again, it is important to note that not all people are indifferent towards solar panels, nor that everyone likes them. Some people will see them as a needless expense that they cannot or will not afford. Therefore, solar panels might not be the best option when it comes to more modest housing.
Benefits of power generation
In order for your solar panels to actually increase the value of your home, you need to focus on the benefits of power generation. The great thing about solar panels is that, given enough time, they ought to pay for themselves.
If you live in an area with a lot of sunlight, solar panels will provide an abundance of electricity. Easily enough for an average household. Therefore, even if you take maintenance costs into account, you should understand how valuable solar panels are in the long run. Knowing this will not only benefit you once you have to pay your electricity bills. But will also aid you once you have to sell your home. It will be far easier to present your solar panels as cost-effective if you know how they work.
In other words, research precisely how much energy they make and how much it costs to maintain them. Know that you need to clean around and under solar panels and prevent critters in there. You might think that animals don't find solar panels suitable locations for nesting. However, many find comfort in the shade of the panels, so learning how to prevent birds from nesting under solar panels is necessary. Otherwise, they might damage the panels, so they will no longer be effective. The more you know about what owning solar panels entails, the more you can use them to increase the value of your home.
The crux of solar panels isn't simply to create electricity for your home. Instead, you ought to consider them as a first step towards making your home into a smart home. Solar panels on their own will bring some value to your home. Sure. But combining them with power-saving systems, smart monitoring, and excellent insulation will make your home that much more valuable.
There are two reasons for this. First, a smart home is far better at conserving energy. As such, you will have a much easier time using solar panels as your only way of creating electricity. The more energy you waste, the more you need to rely on standard power lines. Second, smart homes have a distinct audience. There is a group of buyers (especially modern professionals) that value significantly when their home is efficient and well-managed. For those people, a smart home that creates its energy will be a dream. Also, if you see them driving a fuel-efficient car or an electric one, you can bet that they value the eco-friendliness of a smart home.
How to get the most out of your solar panels
So now you know why solar panels can raise your home value, but how are you supposed to make use of them? Should you install them right away, or should you invest in other smart home features? Is your home even suitable for people that value smart homes? Well, let's see what you can do.
Talk with your agent
Before doing anything, we would advise consulting with your agent. Adding solar panels simply to make your home better is one thing. But, adding them as an investment in hopes of a better sale is entirely another. Yes, as time goes on, we believe that more people will expect to have solar panels in their homes. But, as it is now, adding solar panels may come back to haunt you if you cannot find buyers.
Put things on paper
The best way to understand solar panels' value is to keep close track of your expenses. If you plan to live in a home before selling it, you can keep track of how much energy the solar panels are producing. But also how much of it you've used during the year. Knowing these numbers will be quite handy if you feel that extra systems are needed. Or when you need to present your home as cost-effective. Overall, it's a trendy and eco-friendly way to raise your home value.