A home with solar panels is often more attractive to buyers than a comparable home without them. This added value allows sellers and real estate agents to increase the asking price.
The extra value comes from a combination of financial and environmental benefits. Solar energy systems can help you lower your utility bills, reduce your carbon footprint and improve your resale value.
Reduced Utility Bills
Solar technology absorbs sunlight and converts it into electricity, which can be used directly, stored in batteries, or sold back to the utility company. This flexibility can make solar energy one of the most efficient ways to reduce your home or business’s electric bills.
After building a solar system, the size of your solar panels and the amount of sunshine your location receives are two elements that impact your monthly power cost. The more power your solar panels generate, the cheaper your energy cost.
Another factor affecting your bill is the type of electricity plan you choose. Some utilities offer time-of-use plans, which allow you to align your electricity usage with peak and off-peak times to get lower rates for your home or business.
While solar can help reduce your electric bill, you should also ensure you conserve your energy. This can include replacing light bulbs with LEDs and controlling your air conditioning more efficiently.
You can also use your electric meter to measure how much energy you’re using. But beware, incorrect meter readings can lead to higher energy bills, so it’s important to check your meters regularly and ensure they’re accurate.
Reduced Energy Costs
Solar energy is one of the most effective ways to minimize power expenses. You may save hundreds of dollars monthly by producing your power, as one of the biggest advantages to using solar power. Furthermore, if your state enables net metering, you may earn extra money by selling the excess electricity you create back to the utility provider.
As a bonus, solar energy has been proven to increase property values for homes and commercial properties. Home buyers in many states will pay up to $15,000 more for a home with solar panels installed than comparable homes without.
Another way that solar energy can increase your property value is by reducing your carbon footprint. Each kilowatt-hour (kWh) of electricity generated by solar power reduces greenhouse gas emissions, such as CO2, sulfur oxides, and nitrogen oxides.
In addition, solar can help reduce water consumption and withdrawal, which can lower your monthly utility bill. The National Renewable Energy Laboratory reports that every additional $1 in savings from a solar system adds $20 to your home’s value.
Reduced Carbon Footprint
A carbon footprint is the total quantity of greenhouse gases emitted into the atmosphere due to the combustion of fossil fuels such as coal, oil, and natural gas. These gases contribute considerably to global warming and are a main driver of climate change.
Solar energy is a renewable, environmentally friendly energy source. However, it has a carbon footprint due to the machinery required to build the gadget. This may be seen in mirrors, heat exchange fluid, receivers, engines, and turbines.
Solar has a CO2 footprint of 41 grams per kilowatt hour of energy generated, approximately 12 times lower than natural gas and 20 times lower than coal.
In comparison, nuclear plants have an emissions footprint of 4 grams of CO2 equivalent per kWh – about the same as solar and wind power. But nuclear plants also add CO2 capture and sequestration (CCS) that reduces the overall life-cycle emissions of a plant, but it may not be able to cover all the power plant’s total emissions.
Luckily, solar power is one of the most cost-effective ways to cut your carbon footprint. Installing a solar system can help you save money on your utility bills and increase the value of your home in the long run.
Increased Resale Value
Adding solar energy is one of the best ways to increase property value. The resale value of your home can be increased by as much as 4% when you install solar panels.
However, this is a complex calculation with many factors to consider. Some of the biggest variables include the age and condition of your system, its output, and the local market.
The average residential solar system can generate power for 25 years or more. This means it’s worth investing in a high-quality system with a long warranty.
This will boost your resale value since potential purchasers will be prepared to pay more for a high-quality system that will last for a longer period. This is particularly true in states with high power bills, such as Florida or California.
According to a 2008 Appraisal Journal research, a property with solar panels will earn $20 in home value for every $1 saved by installing a solar energy system. A home that saves $500 in annual energy expenditures may add $10,000 to its market worth.
Besides saving money on power bills, solar energy helps homeowners minimize their carbon footprint and contributes to a cleaner environment. As a result, it has become an increasingly popular choice among homeowners who are growing more environmentally concerned and looking to save money.