How do solar panels affect the value of my home?

Do you know about solar panel appraisal value and how it can increase your selling price and decrease your bills?

You might not be moving and selling yet, but it’s worth to be aware of what value your home could gain with solar panels installation added to it. In this blog post, we will explain how solar panel impacts your appraisal value.

Solar Panel Appraisal Value

According to the study by the Lawrence Berkeley National Laboratory, people who are looking for a new home have been willing to pay more for a property with the solar system already installed. The study examined about 23,000 home sales during 13 years of home sale data. The findings showed that homes with solar panel installation are more expensive by an average of $4/Watt more than homes without solar panels.

Cash Purchase

Customers who purchase solar panels with cash are fully owning their system. In this case, a system is considered as a part of the property and it raises the value of the house.

Financing

Financing your solar panel installation through a loan that has since been paid in full means that you are now the owner of the system. If your solar panel system is financed via an unpaid loan, you are obliged to make monthly payments to cover your debt, ownership depends on the contract signed with the lender. Selling your home with the solar loan increases the value of your property and thanks to the additional revenue you may pay off the loan. In some instances, you may also choose to pass on the solar loan to the new home-buyer, without increasing the sale value.

Lease

Leasing the solar panels allows the homeowners to pay for the right to use the solar system for a defined period of time, but they are not the owners of the system. The system belongs to the solar provider. When you are ready to sell your home you can pay the rest of your lease and sell the solar system to the new homeowner. There is also a possibility to transfer the lease to the buyer, provided that the new property owner wants to take over the lease.

How Solartime Can Help

We are aware that installing solar panels is a long-term investment so we want to make it more simple and straightforward for all families.  If you decide to sell your home with a solar loan, we can help you transfer it to the new homeowner. We can also assist you in moving your solar panels to your new home. We are here to help you in the best way we could.

Should you have any further questions about this, do not hesitate to contact us at 972 675 7725 or office@solartimeusa.com