Do solar panels add to value of your Nevada home? There are countless reasons why you should consider adding them. The more important ones include lowering energy costs and leaving an environmentally friendly footprint. But, we can’t ignore the fact that solar panels add to the value of your Nevada home too! We will get into the exact math in a moment, but first, let’s give you a brief intro. On average, homes with solar panels can sell for 4% more than the national average. This return is even higher in markets with premium home prices. In Nevada, for example, solar panels raise the home value by 5.4%. That’s a $21.000 increase in value! Peak Services Las Vegas is here to tell you more about this topic, and help you increase your home value! We’ll take a closer look at the numbers, as well as the steps you can take to improve your home value.
Solar panels can definitely add to the value of your Nevada home
To put things into perspective, let us begin with a thought experiment. Picture if you will, that you’re buying one of two identical homes. They’re right next to each other on the same street. The only difference is that one home has solar panels installed, while the other has an empty rooftop. The home with solar panels produces enough power to completely eliminate the monthly power bill, which is $200. This means that, if you buy a home with panels, you save $2400 a year on energy. Granted, you will need solar panel cleaning Green Valley NV to keep the system running properly. However, this is a minor cost compared to the savings you make. In addition to boosting the value of your Nevada home with panels, you’re reducing your carbon footprint.
If you want to make your home more valuable, solar panels are the way to go!
It is also worth noting that, in addition to your current savings, you are also preparing for the future, in a sense. Even if the utility rates increase in the future, you won’t be affected, since you’re producing your own power. All things considered, it makes total sense that the value of the home with solar panels is significantly higher, compared to the one without them. At this point, you might be wondering just how much higher the value can be. This is a very valid question, and we will go over it in the next section. To present you with as accurate numbers as possible, we’ll use a few home value studies based on energy consumption. These studies specifically revolve around homes with solar panels, which will greatly help you understand the bigger picture of just how much solar panels add to value of your Nevada home.
A closer look at home values impacted by solar energy systems
Several studies and research efforts have been done in order to determine how much the value of a home with solar panels is.
- For starters, let’s use the base value determined by researchers Ruth Johnson and David Kaserman. According to their findings, for every dollar saved on energy costs in a year, the home value increases by about $20. If we use the monthly savings of $200 from before, the value of a solar home can increase by $48.000 in a year. As we’ve said, this number can be slightly reduced due to the necessary solar panel cleaning North Las Vegas on a yearly level.
- Then there is the study conducted by the Lawrence Berkeley National Laboratory. Their formula states that there’s a $5000 value increase for every kilowatt of solar installed. To reach the $48.000 value increase, you need a 9.6 kW system. But, the upfront cost of installing such a system totals around $33.000. That number doesn’t include investment tax credit, which allows you to recover about 25% of the installation cost, drastically reducing expenses.
Before you invest, you need to carefully explore your financial benefits
- Lastly, a study by the National Bureau of Economic Research concluded that home buyers usually give a 4% premium to homes with solar energy systems. However, there’s a slight caveat. Although this estimate is simple, there are a lot of variables that aren’t accounted for. These are the base value of your home and the strength of your system. If you want to achieve the previously mentioned number of $48.000, you need to have an initial property value of over 1 million dollars. Also, you can’t install an average solar system and demand a higher price. Obviously, most homes in Nevada aren’t worth this much, and usually don’t need a 10kW system.
Different ways you can add to value of your Nevada home with solar panels
Now that we have a deeper insight into the benefits of enriching your home with a solar system, let’s see how you can put that into practice. There are a few tasks to complete, and a few factors to consider, in order to achieve success. We will go over each in detail, and help you turn your home into a lucrative piece of real estate. We would also like to remind you that, once you install your system, you can always count on us for reliable residential solar panel cleaning services! Now, let’s look at your options.
Pick the perfect solar system for your home
As we’ve already established, solar panels are a very important investment, which can greatly increase your property value. The very first step you need to take is to choose the right system for your needs. Very often, homeowners compare the cost of different systems and wonder what the differences are. For example, you might be wondering whether the return on investment for cheap panels is the same for cutting-edge ones. Even though some systems can be cheaper up front, they can end up costing more in the long run. With premium solar panels, you enjoy quite a few important luxuries. Better efficiency, more power output, and secure warranties that protect your investment. At the end of the day, it is very important to choose a system that is meant to last. This way, you’ll have a reliable system, which will serve you well for years to come.
A good choice of solar installers will secure you with a proper warranty
Choose the right company to install your system
Once you find a good solar system that meets your needs and expectations, you can think about finding the best installer to assemble it. After all, no matter how good your system is, it won’t mean much if it isn’t installed and set up the right way. To ensure everything is done right, you need a service provider which is reliable and insured. They should also be familiar with your home type, as well as the system you’ve purchased. But in addition, and just to be sure, you need to consider other points, such as:
- Is your chosen installer a brand pattern that is recognized and certified? If they are, they’ve surely received additional training that helps protect your system and investment.
- If they are participating in a formal installation plan, can they add additional benefits or warranties to your solar system?
- Can they provide you with additional services, such as solar panel bird proofing, which help increase security? Services like these also notably decrease the need for frequent maintenance.
- Can the installer provide you with their own warranty package? Professional installers, in most cases, offer a workmanship warranty. In this case, they may offer discounts for repairs, or anything beyond the scope of the manufacturer warranty itself.
When you buy a solar system, you can receive up to 26% in tax returns
Outlining factors like these can assure you that you’re making the right choice. But, more importantly, it can encourage any potential buyers of your property. They will know that they’re protected and that they’re investing in a solar system that meets the highest standards. That notion alone is enough to increase the value of your home drastically.
Ensure your solar panels add to value of your Nevada home with a reliable warranty
Choosing the best solar panels is only the first step in ensuring a long-term return on investment. It is crucial to pick a warranty that satisfies your requirements. When it comes to solar systems, two warranties commonly exist. The first ensures that the equipment will function properly for a specific amount of time. Panasonic’s warranty, for example, ensures that the performance, workmanship, parts, and labor are all covered for 25 years. The second kind of warranty ensures the production of energy, by providing 90% production after 25 years, as an example. And again, before choosing panels, remember to think about your options. In other words, warranties protect the durability of the solar panels themselves as well as their ability to continuously produce electricity over time. If there are ever any equipment problems or productivity declines, system repairs are covered and won’t reduce the returns on your investment.
Educate yourself on the different solar panels lease systems for your Nevada home
Many times, potential buyers want to buy a solar-powered home, but they are unaware of all the small details. A very important thing to remember is that there are systems that you buy, and which you lease. The main difference, of course, is ownership. When you buy panels, they become a part of your total home value. But, if you lease panels, you are simply renting them for a fee. This is cheaper than buying a whole system. And even though it will save money on bills, it won’t increase your home value. What does increase your home value, is a strong solar power system, kept in good condition through maintenance and roof cleaning Las Vegas services. When it comes to leased systems, they can be quite a problem in property sales.
The best way to add to the value of your Nevada home is to purchase solar panels
If the seller is leasing, they either have to pay for the system in full or agree with the buyer to take over the payments. The problem is, not many home buyers are interested in taking over such payments, in addition to their new mortgage. Purchasing solar panels outright increases the value of your Nevada home, and makes selling your property later on much easier.
Make your solar panels a sales highlight to increase the value of your Nevada home
Making sure your Nevada home is worth more requires a strategy. It is a good idea to think about how real estate agents sell homes. They pick out key features which appeal to buyers. Then, they stage the home in a way that highlights these features. They promote these benefits in home descriptions, photos, and home showings. And you can do the same thing with your solar system! What you need to do is:
- Work with your real estate agent, and make sure to feature your solar system in the marketing material. Buyers are willing to pay a hefty sum for solar-powered homes. You can appeal to eco-friendly buyers with clear branding as well.
- Create a detailed feature sheet that outlines pertinent facts. Make sure it includes everything about your solar systems, such as the quality, warranties, and any other cost-saving features. You need to help potential buyers understand just how valuable your solar system is.
- Lastly, don’t forget to remind them about the potential increase in the resale value they’re likely to experience in the future. You made a better deal when selling your home thanks to the solar system. And they can too!
Final conclusion
If you’re thinking about moving out and selling your home, installing a solar panel system if you don’t have one already, is a great move. You will save quite a lot of money on any future power bills. And, more importantly, solar panels add to the value of your Nevada home, which is a great investment for the future. In addition to this, your home might sell even faster due to this fact. Solar is a smart and sleek investment, all things considered. When looking for a new home, potential buyers will definitely want an energy-efficient place. And you’ll have exactly what they’re looking for!
