With renewable energy becoming more and more popular these days, people want to know if adding solar panels will increase the value of their home. To that, we say, yes, installing solar panels will benefit your home, while you’re living in it and if you ever put your home on the market.
According to a report from the U.S. Department of Energy’s Lawrence Berkeley Laboratory, solar panels could add $15,000 to the value of your home – if you own the panels. However, if you’re just leasing solar panels, they could end up taking value away from your home, according to a Bloomberg report.
Obviously, the price of installing solar panels is what scares many people. Sure, you’re going to save money on a monthly basis by powering your home with solar energy, but you have to be smart about how you finance the system if you can’t afford paying for it upfront.
While leasing may seem like the right option for you, if you’re planning on moving from your home before the agreement is up, you’ll have to consider that this could affect your asking price, as the new homeowners could be inheriting something they could actually lease themselves for less. Alternatively, if you purchase the system (which can be subsidized by loan programs), you add value to your home through an asset that’s only going to increase in demand in the coming years.
So, if you’re still asking, do solar panels increase the resale value of your home? Yes, they can, but it’s not as definitive of an answer as we would like it to be. The main thing is to weigh all of your options and make sure you’re comfortable with your investment. After all, investing in solar panels is not only an investment in your home, but also your future!