As the solar electric market continues to expand, homeowners want to know how their investment will really effect their home values. Even in today’s housing market, the findings are promising. According to the Lawrence Berkeley National Laboratory, homeowners who have installed solar panels over the last decade may find it was a more practical decision than they thought. Homes selling with a PV system have sold for a premium over comparable homes without PV systems.
The cost to install a system averages about $5.00 per watt and the premium corresponding to a home’s sale price was about $5.50 per watt, adding about $17,000.00 for a new 3,100 watt PV system. This means that when you invest in a PV system, you can recoup your original investment right away. And according to the Appraisal Journal, a solar electric system increases your home’s value by $20 for every $1 in annual utility bill savings. What other investment offers a dollar for dollar return, immediately, and then continues to save you money for the next 20 years?
It is not just about the profit involved, if you can afford then it is also the right thing to do.