Increase Home Value by Installing Solar

Installing solar panels on your house and owning the system can pay for itself with an increase in value to your home. According to a study conducted by Berkeley National Lab with Sandia National Labs, the average increase in a home's value across the nation is about $3.78 per Watt. The average home has a 6KW system, translating to (6KWx$3.78=$22,680) about a $22k increase in value immediately after the install is complete. Meaning homes with solar panel systems sell for more than without.

Do Solar Panels add Value to a house?

The study analyzed 20,000 homes in six states across the country to find out just how much a solar panel system would increase the price of a home. The study concluded, home values increased at a rate between $2.68- $4.31 per watt of energy. This data is just beginning to become an asset to realtors while selling homes. Solar panel systems are becoming exceedingly popular making it easier for realtors to value these systems, and recognize the potential for home value increase. Speaking to New Mexican appraiser Mark Raney, SRA who specializes in "valuation of sustainable homes, he says "Many appraisers use ‘PV value’, a program originally developed by a Sandia Labs engineer to get the value contribution.  Just type in the size and age of the system, the tilt of the panels and the zip code and they will set a value."

If you are thinking about purchasing a solar system for your home, the study should give you confidence that you are making a smart investment. The study found that homes with owned solar panels will benefit from a ‘solar premium’ when they are sold because buyers are willing to pay more for a home with solar panels.

The location, size, age, and efficiency must be considered when evaluating the value of a home with a PV system. To be sure you are getting the maximum value while getting your home appraisal done with your solar panel system, be sure to use one of the many New Mexican appraisers who specializes in the valuation of sustainable buildings

Is it worth the Investment?

This suggests that if you sell your house soon after you have a solar system installed, you will recoup most or all of your investment while saving money on your power bills. It also confirms: Payback periods on solar power systems are not something to be overly concerned about. Your solar system will either increase your home value should you decide to sell your house, or it will pay itself off in power bill savings before you move out. In both cases, solar is a sound investment."

Thinking about getting Solar? Click here to get a quote.

 

Sources:

EnergySage

Electricity Markets & Policy Group

 

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Solar Energy Saves Water

Solar Energy could be the answer we need to save one of our most valued resources. Water. Especially in a state that rarely comes out of a drought phase. We recently had the first day in over 90 that New Mexico received any measurable precipitation. We love our bright blue skies and brag about the sunshine, but we all know that New Mexicans crave a good day of heavy rain or snow. Today we all got to rejoice while our solar panels got a good rinse, and we could rest, assured that our water supply recouped a little of what we take from it each day.

One thing that not everyone knows, or understands is that power plants use an exuberant amount of water to give energy to the people. Water is used to pump crude oil out of the ground, remove pollutants from power plant exhaust, flush out residue after fossil fuels are burned, cool power plants, and much more. Our energy resources rely on water, much more than we probably realize. This is something New Mexican residents cannot ignore. You will see in the infographic below, created by One Block Off The Grid That Coal power plants use approximately 100-1,100 gallons per MWh, Nuclear uses 600-800 gallons/ MWh, natural gas 20-300 gallons/ Mwh, while solar uses nearly no water at all. 

Switching your energy over to solar, with NM Solar Group won't just save you money on your electric bill monthly, but it will help preserve the scarce resource we all need. 

 

To read more about water used for energy click here.

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