Tips To Get Higher Property Value With Solar Panels
Going green is the global trend, especially with renewable energy. The increasing use of solar power in the U. S. will lead to over 42% more installations, which is equivalent to 100 GWdc of solar from 2021 to 2025, according to the Solar Energy Industries Association. A large portion of these values will come from residential installations and that would directly impact the real estate market. Ready to switch to solar? Here are some tips to get higher property value with solar panels.
Type Of Solar Panels
The most commonly used type of panels is the silicon solar panels, which are made with either polycrystalline silicon or monocrystalline silicon. The monocrystalline silicon panels use single-crystal cells and are over 25% efficient in the conversion of solar power. Polycrystalline panels, on the other hand, use multiple-crystal cells and have an efficiency rate of over 20%. Since they have better efficiency, monocrystalline panels are more expensive and, however, they have a higher effect on the value of your property. Of course with any home solar system, there is more than just the panels and either way you need to consider all of the components of their balance of system (BOS).
In the last decade, the United States has experienced significant growth in the residential transition to solar power. This has ensured that homes in the U. S. experienced a 4.1% increase in value, according to a study conducted by Zillow. However, the specific values for homes with solar panels differ across the country. For instance, in New York, homeowners receive a 5.4% or $23,989 premium on a $440,200 home, while in San Francisco value increased by 4.4%. Although the differences in values go up in thousands, you are bound to experience an increase in value by installing a solar system, the location just determines how much the value will be.
Solar System Connection
Your home solar panel has several components that help with the production and conversion of energy. These components make up the Balance of System (BOS) and they include the cables, switches, and inverter. You can either use a local utility grid or get an off-grid system to connect your solar system. With the utility grid, you need some equipment to transmit electricity, and this is included in your BOS. When you have a utility grid connection, you can sell excess generated energy back to the utility company. For the off-grid, you get a stand-alone solar system with a series of batteries and a backup generator to store power, which is part of the off-grid BOS. Most potential buyers opt for utility grid connections because of rebates and incentive programs by the state.
You can get a solar system installed by purchasing or leasing. With leased solar panels, you may not get a high home value because ownership is with another party. On the other hand, a solar panel that you own completely can get you a higher property value when reselling your home because the new owner gets every incentive available. It is a beneficial investment to buy your solar systems and have complete ownership. Solar panels are rewarding in their production of renewable energy, tax exemptions, and increasing your property value. What are you waiting for? Get your solar system installed today!