How Do Solar Panels Increase My Home Value?

There are many ways homeowners can add value to their properties these days. However, not many consider solar panels in Ohio despite the increased value they can bring to homes. 

Wondering why using Cincinnati solar panels could be so helpful in your journey to improving your home? Discover why you should consider this valuable addition. 

Buyers Value Solar’s Added Benefits

Solar use is increasing, and it’s easy to see why. They’re only becoming more affordable, and they come with plenty of incentives for homeowners and business leaders alike. 

One way this can be such an added benefit is their cost-saving abilities. When purchasing a home, buyers take into consideration monthly electric bills. Therefore, a house with panels will add help with their decision-making process. Another critical factor to consider is the rising cost of electricity, especially in the last couple of years. But solar is renewable, making it far more affordable for monthly expenses. 

Like a bathroom or kitchen renovation, buyers view solar panels as an upgrade and are willing to pay a premium for properties with them.

No More Power Outages

Power outages are well-known in the area, and no one wants to suffer a power outage during the winter or summer’s extreme temperatures. Solar companies in Ohio are providing ways to solve these issues. Real estate buyers will look for houses with solar to mitigate these outages, adding more value to properties with this feature.

This form of energy generation helps homeowners as it provides electricity during the high demand of the day. It also provides this energy at the source, reducing transmission losses.

What Do the Numbers Say?

On average, there is a $20 home value increase for every $1 saving in energy costs, according to The National Renewable Energy Laboratory (NREL). So, if your property is saving $800 a year in electricity bills, your home’s value can increase by roughly $16,000. 

Looking at what value 1 kilowatt will add to your property, a recent study placed that amount at between $4000 and $6000.

What Influences Your Solar Panel’s Value?

The added value you will receive will depend on several factors and vary from market to market. The following factors need to be considered:

  • The local cost of electricity
  • Installation prices of panels
  • Frequency of power outages
  • The system’s age
  • Total energy generation
  • Local knowledge of the energy’s benefits and technology

Are Solar Panels Beneficial in Ohio?

Solar companies in Ohio have provided significant savings for their clients. And with the 26% federal tax credit, the savings only increase. Solar in Ohio saves homeowners around $40,000 over a 25-year span, and the average payback period is roughly 5-7 years.

With so many benefits available, it’s no wonder that solar panels in Ohio are becoming a more popular choice. 

Let Solar Panels Add Value to Your Home

Using the sun to power your home makes not only environmental sense but also makes financial sense. You will protect your family against outages and recoup your investment through savings on your electrical bill and the added value you will receive on your selling price.