Do Solar Panels Increase Home Value?
Solar roofing technology has taken off throughout Colorado, and for good reason: adding solar panels can reduce your energy costs and help lower your carbon footprint. Upfront, however, they are an investment, and if you’re thinking about purchasing solar panels, you may be wondering if they will increase your home’s value in the long run.
Solar Panels
Solar panels are installed over your existing roof — meaning that your roof is penetrated in order to properly install them — and are purposely placed at angles intended to catch the most sunlight throughout the day. They collect different amounts of energy based on things like location, size, and arrangement.
Do Solar Panels Increase Home Value?
Yes, you can increase your home’s value with a solar panel system. The basic formula for understanding solar panel ROI for homeowners depends on how much you can save from your solar roofing setup. The U.S. Department of Energy says a safe estimate is that for every dollar you save on your energy bill, you gain $20 in home value. So, if you save an annual $500 on your energy bill thanks to going solar, your home can increase by $10,000 in value.
But that’s not the end of your home solar panel installation benefits. In Colorado where we get a ton of sunlight throughout the year, your energy savings can be quite substantial. This means that solar panels and solar roofing shingles are cost-effective. You can even get tax benefits from adding solar panels to your home, and you also gain peace of mind knowing that you’ve lowered your carbon footprint.
Factors That Influence Solar Panels Added Value
Solar panels are booming in popularity, as more and more homebuyers prioritize sustainability and are looking to save money on energy costs. It is this demand that often increases the value of homes with solar panels. However, the exact amount of value added depends on the location of the home and the quality of the solar panel system.
Location
The location of your home can significantly impact your property’s value. The value of homes with solar panels increases depending on their location – especially in Colorado. Plus, if your home is in a neighborhood that emphasizes environmental sustainability, homes with solar panels can enhance your home’s perceived value. Government incentives and solar incentives also play a role in increasing the desirability of solar-equipped homes.
Solar Panel Condition
Your solar system’s condition is important since it directly affects its efficiency, functionality and lifespan. Ensuring that your solar panels are in good condition and working well is essential. Regular maintenance and inspections maximizes your energy-generating potential. Homes with newer solar panels sell faster and for more than those with older solar panels. Also, homes with solar panels or solar systems have been proven to sell 20% faster than those without them.
Solar Panel Ownership
It’s important to think about whether or not the ownership of your solar panels can be transferred to a buyer if you are planning to sell your home in the future. It’s essential to keep track of who has ownership rights of the solar panels, buying outright verses leasing, to avoid confusion and potential legal issues when selling your home.
Do Larger Solar Installations Increase Home Value?
Not necessarily. There’s no proven correlation between the size of a solar panel system and its impact on a property’s value. In fact, studies have shown that the value increase from solar panels is more closely tied to the amount of money saved on energy bills than the size of the system itself. So, when choosing a solar panel system for your home, it is important to focus on choosing a system that will generate enough energy to meet your household needs, rather than simply choosing the largest system possible.
Can Solar Panels Decrease Your Home’s Value?
Solar panels are a great way to save money on energy costs. However, some factors might lead to a decrease in home value with solar panels, including poorly designed or outdated solar systems that are not functional, less efficient or the aesthetics of the panels negatively affect the property’s curb appeal. However, with proper installation, maintenance and consideration of local market conditions, adding solar panels is more likely to increase a home’s value by enhancing energy efficiency and offering potential long-term savings.
Solar Panel Roof Installation Considerations
There are several roof installation considerations when selecting a solar system for your home.
Roof Age for Solar Panels
When considering solar panel installation, it is important to consider the age of your roof. A general guideline is that an asphalt shingle roof should be 10 years old or less and in good condition before beginning installation. If your roof is over 10 years old, it is recommended to schedule a roof inspection to ensure that it is still in good condition and can support the weight of solar panels.
Roof Repair or Roof Replacement
If you have recently installed solar panels, and need a roof replacement, you will incur additional costs to detach and reset your solar panels. If you are replacing your roof, you may want to consider solar roofing shingles options. Solar shingles work in a similar way to solar panels, but they’re integrated into your roofing shingles, making them less obtrusive. They’re nailable, making them easy to install, durable, and are very energy efficient. Many people opt to install solar roofing shingles for aesthetic reasons, since they blend in so well with your roof.
How Solar Panels are Mounted on the Roof Matters
Choose a reputable company that understands both solar and your roof. How effective solar panels are is directly related to how well they’re installed. Improper installation can not only make your solar panels less effective, but it can also introduce damage to your home. Proper planning can greatly reduce the potential for roof leaks, voided roof warranties, structural damage, and unnecessary expenses.
Solar Panel Roof Installation Considerations
If you’re interested in adding solar panels to your home to increase your home value, get in touch with us at J&K Roofing. We have the experience, knowledge, and trusted certifications to work with whichever solar roofing option you prefer, and we’ll make sure to do it right.
J&K Roofing is a certified solar installer for roof integrated solar options including GAF Timberline solar roofing shingles, Tesla Solar Roof, and the CertainTeed Solstice shingle.
Give us a call at 303-425-7531 or click here to send us a message.