There’s no denying that the popularity of solar energy increases with each passing year. According to a study by Pew Research, 46% of Americans say they have given serious consideration to adding solar panels to their home, up from 40% in 2016. The same research shows 6% of homeowners have already added solar powered energy to their homes. That’s a significant portion of the population, and it demonstrates the importance of solar energy to not only homeowners, but homebuyers as well.
So, what exactly is stirring this renewed interest? The reasons might be more numerous than you think. Read on to learn.
1. Increased Home Value
As a homeowner, your home is one of your most important investments. With each passing decade, improvements are needed to maintain its value, from new flooring to updated appliances. These improvements don’t necessarily add to the value of your home, though they are good selling points.
However, adding solar power to your home instantly increases your property’s value and is estimated to increase its sell value by at least 3-4%. Not only do you benefit from the time you own the property, but you benefit as well if you decide to sell your home.
Energy-efficient features are important to 80% of homebuyers, and the remaining reasons on this list tell why.
2. Increasingly Affordable
At one time, solar panel installation costs were out of reach for the majority of homeowners, but fortunately, this is no longer true. In the last decade alone, prices have dropped 65%. Today, a new system averages $20,000 for equipment and installation. The best news is it pays for itself in a matter of years (on average eight), especially in areas where the cost of utilities are above the national average.
Keep in mind, the federal government is still offering a 30% tax credit on the total price of solar panel install and equipment.
3. Lower Utility Bills
Solar panels are installed on the south side of the home where more of the sun’s rays will reach them. Shade from trees also factor into their placement, as well as the tilt of each panel according to your latitude. Proper placement maximizes your home’s efficiency, which in turn lowers your energy bill.
Depending on the size of the solar energy system you install, the money you save each month on your utility bill will decrease exponentially, and there might even be months when you don’t receive a bill.
When your home goes solar, it’s wise to also decrease energy usage. That way, any extra power generated by your system goes back into the grid, placing that energy on reserve for the evening hours when the sun no longer provides energy.
4. California Mandates Solar Power
California is a state known for being ahead of the curve. Back in 2018, California lawmakers mandated that all new home builds, three stories or less, be equipped with solar panels. They estimated the panels would save homeowners at least $19,000 over thirty years, in addition to lowering the state’s contribution to greenhouse gases.
Lawmakers from other states are keeping a watchful eye on California, and it wouldn’t be surprising if other states followed suit.
5. Carbon Footprint
The most important reason homebuyers are looking to solar is they are eco-friendly conscious consumers. Solar energy is clean, renewable energy, meaning it’s carbon-free. With electric power contributing to an estimated one-third or more of greenhouse gases in the United States, if every homeowner were to choose solar energy, the contribution to reversing climate change in the U.S. would be significant.
The rising popularity of solar panels for homeowners and homebuyers is a trend that has shown to be beneficial for numerous reasons. With the promise of assisting in the reversal of climate change and the savings experienced by consumers, it’s no wonder there is an upward trend in the interest and purchase of solar power technology.
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