Looking Deeper into Solar Panels and Home Values

April 10, 2018

Looking Deeper into Solar Panels and Home Values 

When considering moving, you might start imagining all kinds of ways to increase your home’s market value. Then you spend a morning ripping up the kitchen floor and an afternoon laying down new tile. Maybe the next weekend you call friends to help paint the interior of your house. A new roof? A new fence? Some new shrubs around the walkway? There are lots of little ways to spruce up your home and its appeal to buyers.

 

But maybe you’ve heard rumors that adding solar panels can boost your home value in one brilliant investment. What is the relationship between solar panels and home values? Let’s explore some pros and cons of this environment-friendly addition to see if it’s the best choice for your Harris County Georgia home.

Benefits of Solar Panels

Some REALTORs praise solar panels as cost-effective, environment-friendly, and a benefit to the market value of your home. Multiple studies in recent years confirm this trend. The amount varies based on a few things, like location, the number and quality of the panels, and the home’s starting value. Still, as the price of electricity goes up, the value solar energy will add goes up as well, they say.

 

Not only does this increase your home value, it can also help your house sell faster. For people who want to go green, buying a house with already-installed solar panels is a huge advantage. Installing solar panels is expensive, but many say you can get that money back when you sell because the home value increases so much. Solar panels can be a great investment, since they save you money while you live in your home and earn more money when you sell it.

Cautions of Solar Panels

These benefits are real but not universal, however. Georgia is not an established solar market, like California or New Jersey. The state has received a few tax cuts for solar energy over the years, but nothing near the norm for other states. While our sunny state seems interested in the idea, few residents have been willing to commit.

 

The scarcity of solar panels on local homes can mean a few things as you’re considering selling. First, there will be few comparable home sales to use in setting your price. This means you risk buyers writing your place off as overpriced, and you risk losing the money you spent installing the solar panels.

 

Besides that, solar panels on local houses are not a common sight. They might look harsh and unattractive to potential buyers, reducing the curb appeal for many. Some might well value the environmental benefits enough to overlook appearance, but there’s no guarantee.

 

So if you’re thinking about solar panels and home values, make sure you count the cost. If you’re eager to enjoy the benefits of saving on energy and leaving a smaller footprint, by all means, go for it. But if the main incentive is increasing the value of your Georgia home, try consulting a real estate agent who knows your area specifically first.

 

Contact us today, and we’d love to help with this and any other questions you might have about buying or selling a home in Harris County, Georgia.

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