Do Solar Panels Increase Your Home Value?
With increasing awareness about green energy, more and more people are opting for solar panels. These days you can easily spot homes with solar panel systems on their rooftops. Now, the question arises, do solar panels increase home value as well? While there is no specific answer to this, there are ways by which solar panels could be the best way to increase your property’s value.
There can be two ways to evaluate solar panels’ worth. Firstly, it totally depends on how the banks evaluate your solar-energy generating system. Secondly, it depends on how the homeowner values the system. In a broad sense, a home with solar panels is worthy, according to the person paying for it!
However, various studies prove that the value of a house with solar panels increases from 3-4% on average. Nevertheless, let’s take a look at some essential factors that influence how solar panels add to your home’s value.
Factors Influencing How Solar Panels Increase Home Value
While you can’t determine the exact increase in your home’s value, here are some crucial factors that might influence it.
- Home’s location
- Property value
- Size of the installation
- Type, age, and warranty of solar panels
Your home’s location plays the primary role in determining how the solar panels increase their value. For instance, it is apparent that locations with active solar markets typically give you higher returns than areas with less developed solar markets.
For example, installations in homes located in 1-tier cities like the capital New Delhi, Mumbai, Bangalore, etc., can yield better value as compared to the 2-tier cities and the rest of India. This is because the buyers, real estate agents, banks, and lenders in cities with well-developed solar markets are more familiar with the benefits of solar panels.
When we think about how solar increases home value, the increment value starts from the property’s value itself. A home acts like an investment that yields return value according to its initial value. Therefore, the larger and more expensive a home is, the higher will be the property value in real estate with a solar panel system.
The value of your home is directly related to the size and the number of solar panels you have installed. For best value, your solar panels should be capable of producing enough energy proportional to the size of your house. For example, there is no scope of adding value to the home when the solar panels are insufficient to serve the home’s energy requirements. On the contrary, a home with adequately sized solar panels can serve its energy requirements.
The technical specifications and quality of the panels themselves are major factors affecting your home’s value. You can find ample manufacturers in the market with a variety of solar panels, inverters, batteries, and other equipment with varying features, lifespans, and warranties.
However, just like any object or property, the quality matters. As solar panels are a long-term investment, you expect better returns when you resale your home. Thus, it is essential to research the best solar panels and make the best out of your investment. For example, Waaree’s latest 540Wp bifacial solar modules are designed to produce up to 30% extra power. These solar panels can generate solar energy from both sides and use the next-gen PERC cells. Not only do they produce more power, but they also save on installation costs.
Why is Solar Energy So Valuable?
The first and foremost thing that makes solar energy so valuable is that it contributes to a better environment. With a global concern of pollution and the greenhouse effect taking a toll, we all need to adopt clean energy sources.
While conventional electricity is one of the major causes of environmental degradation, solar energy, on the other hand, is completely clean. As it uses sunlight as the source of energy, it produces no air, water, or noise pollution and is free of greenhouse emissions.
In addition, you don’t need to rely heavily on a centralized power supply. Solar panels often come with inverter batteries to store the energy. For instance, if the whole locality suffers from a power shortage, you can rely on the stored solar energy. So, the next time you wonder how do solar panels increase home value, let the considerable amount of benefits speak for themselves!
Having said that, take a look at these additional benefits of solar-power homes.
Additional Benefits of Solar-Power Homes
At the end of the day, a quality solar panel with good features, lifespan, and warranty support can add wonders to your home’s overall value. Installing a solar energy system in your home raises property values and provides an appealing selling factor for real estate agents when marketing your home. Apart from that, having solar power at home allows you to save money on your monthly electricity bills. You may increase your independence by adding a battery backup to your solar power system. The energy-savvy nature of solar panels is another big reason why people invest in them.
For the best energy savings, you must always invest in high-efficiency solar panels. Just like air conditioners and other electrical appliances, solar panels also come with varying efficiency. Thankfully, Waaree’s high-efficiency PV modules are some of the best you can find in India regarding energy saving.
Increase Your Home’s Value with Waaree Energies Ltd.
Apart from increasing your home’s value, you will be contributing to a better tomorrow as you install Waaree’s solar panel today!
Waaree Energies Ltd. is a pioneer solar panel manufacturer in India. Headquartered in Mumbai, the company has completed 14 years of excellence with its high-quality EPC services, project development, rooftop solutions, and solar water pumps. Waaree has a significant presence in the global energy market across 350 locations nationally and 68 countries abroad.
As the company envisions a green and sustainable India, they continue to produce and provide you with the best quality and cost-effective energy solutions. Choose from their world-class PVC modules, inverters, and solar products, including power banks, chargers, solar street lights, etc.