Investing in solar panels involves a significant up-front cost with a gradual benefit. Most homeowners make back their investment in savings within 10 years, but what if you want to sell your house before that? Thankfully, solar power increases your resale value exponentially—it’s among the best investments you can make for your home!
Think about it: the average solar system installation cost is around $13,000. If you make back $7,000 in five years (through saving on your electric bill), it’s as if you spent $6,000 on the system. When you list your home and can raise the asking price by $10,000, you’ve actually made four grand on the deal!
Of course, the amount of profit you make increases the longer you keep your home before selling—if you completely recoup your investment, you could stand to make over $10,000 by increasing your asking price.
Let’s say you have solar panels installed already and are hoping to sell—you may feel worried about raising your asking price because buyers might not care about solar power. According to CNBC, more than 80 percent of home buyers are looking for green options when choosing a home. Installing solar panels won’t scare buyers away—in fact, it can attract new buyers who would have otherwise been uninterested.
Any realtor will tell you that the longer your home stays on the market, the more it’ll cost you. If you’ve already bought your next home, you’re dealing with two mortgages, and if you’re storing your furniture, you’ll need to keep the space longer.
The quicker you can sell your home, the more money you’ll save. NREL found that homes with solar systems sell up to 20 percent faster than houses without solar panels. There are several excellent options for solar panel installation in El Paso, so don’t hesitate to reach out and ask for more details!
Increase Value Further
If the initial value of solar panels wasn’t appealing enough, there are some ways to bump up your resale potential further! Adding solar batteries to your installation allows your home to move even further from grid connection, which is a major selling point. Additionally, you can consider installing a charging station for an electric vehicle to get the most out of your solar panels.
Are you interested in increasing your resale value exponentially with solar power? Feel free to connect with us at NM Solar Group to learn more!