Yes, solar panels can potentially add value to Virginia homes! Solar energy is growing in popularity as a renewable energy option across the United States, allowing the benefits of solar to become more mainstream. Potentially saving on electric bills, reducing your carbon footprint, and having a backup battery to provide electricity during a power outage are relatively well-known aspects of solar energy. But one point might not have occurred to you — how solar panels affect your home’s value.
Just as a kitchen upgrade or a new patio might increase your home’s market value, a solar panel system is seen as a potentially valuable addition to homebuyers. Since the impact of solar panel additions are still relatively new, the numbers are fluid, but in general, there is evidence that adding solar panels to your home can lead to an additional return on your investment down the line.
How Much Value Do Panels Add To Your Virginia Home?
Based on a recent study by Zillow, adding solar panels to your home can potentially cause your home to sell for 4.1% more on average than it might have otherwise. An average Virginia home is valued at around $320,000, which means that there’s potential for an additional $13,000 added to your home’s market price.
When you factor that potential 4.1% market boost into your overall return on your solar investment, it’s clear that a solar panel system can be an effective way of investing in your property.
How Can You See A Return On Your Solar Investment?
While the idea of adding solar to your home to potentially increase its market value is appealing, that doesn’t mean you will only see a return on your investment when you sell your home.
Before hammering a “For Sale” sign into your front yard, you may also be able to apply for a tax credit from the federal government that could cover up to 26% of the cost of installing your solar system.4 You’ll also be able to enjoy the potential reduction of your electricity bill over the years.
Depending on your energy provider, you also can potentially enjoy the benefits of net metering. In Virginia, Dominion Energy customers can participate in net metering to sell their excess solar energy back to the grid.
Get The Highest Potential Market Value For Your Virginia Home With Pink Energy
Don’t miss out on the potential to enhance the value of your Virginia home! Contact us to find out how you can experience all the best parts of solar while you live in your home and how you can get the highest possible return on your investment if and when you sell your property!