Homeowners considering solar often look at the cost of the installation and savings on the monthly electric bill when making a decision. But those are only two of the factors that could affect their decision, leaving aside the increased value of their home with a solar energy system, according to A.M. Sun Solar based in Paso Robles.
As more homes on the Central Coast go solar, studies are starting to show many positive, long-term benefits of using free energy from the sun. A study by the National Renewable Energy Laboratory shows each “additional $1 in energy bill savings (from your solar installation) adds $20 to your home’s total value.”
More specifically, the Lawrence Berkeley National Laboratory analysis shows “an average increase in resale value being $5,911 for each 1 kilowatt (kW) of solar installed. In a state like California, for example, a small 3.1-kilowatt (kW) system can add an average of $18,324 to the value of a medium-sized home.”
And those values increase according to the size of the system. Installing a 5kW of solar panels adds an average of $29,555 to the retail value of a medium-sized home, according to LBNL.
With solar, not only do you add equity to your home, but the tax credits recover approximately 97% of your investment costs on top of the savings that come with reducing or eliminating your energy bills, according to A.M. Sun Solar.
“Plus, it just feels good to lower your carbon footprint and help the environment,” they said.
A.M. Sun Solar consultants can answer questions about resale value, how much electricity solar panels will generate, and how homeowners can lock in savings as energy prices increase. Call A.M. Sun Solar at (805) 457-4053.