Do Solar Panels Impact the Resale Value of Your Home?

Homeowners are increasingly seeing the value in installing solar panels, especially the renewable energy source they provide. While some are scared off by the initial investment, this ultimately leads to the question of whether or not this investment will pay off in the long-term.

Many buyers are enticed by the environmental benefit of solar panels, but also the monthly savings in electric bills that they provide. Buying a home with solar panels is considered an upgrade, and research is showing home buyers are willing to pay for that upgrade just as they would pay for an upgraded kitchen or bathrooms.

A study from 2003 found that for solar panels increases the resale value of a home by $5,911 for each 1 kilowatt of solar panels installed. A more recent study from 2019 found that homes with solar panels sell for 4.1% more than homes without them, while the National Renewable Energy Laboratory found that for every $1 in savings on your electric bill, an extra $20 is added your home’s overall value.

If your family is debating whether to take the plunge and go solar, the home experts at Center Island Contracting suggest there’s nothing to lose. It’s a win-win situation all around to have an unlimited, renewable source of energy all while saving money each month.

Center Island Contracting is your local contractor of choice for home remodels on the north shore of Nassau county, Long Island in towns like Oyster Bay, Manhasset, Plainview, Jericho, etc. Our qualified professional new home construction management team is here to help you renovate the home of your dreams. With the knowledge about local and New York State laws, our staff can answer all your questions and streamline the entire process. Email us or call (516) 481-4707.