Ever wonder what kind of value is added to your home for going solar?
- Solar panels save you money. Once you reach break-even point on your investment, the power that you pay for is essentially free thereafter. The extra money that is saved can go toward other expenses such as retirement funds, traveling, presents, education, wining and dining, gas, and adventure.
- Solar panels provide for a cleaner environment. They do not emit CO2 while converting sunlight into electricity. CO2, a greenhouse gas, is a big contributor to global warming.
- Solar panels are very low maintenance and require little upkeep.
- Solar panels can power pretty much all of our electrically powered devices.
- Solar panels can provide us with essentially unlimited energy for a lifetime.
Aside from the benefits mentioned, solar panels do indeed add value to your home and the amount of value added depends on a few factors.
Do you intend to live in your home for a very long time or do you intend to eventually sell your home after living in it for awhile?
These are some important questions you must ask yourself.
If you plan to live in your home for a long time, then the benefits mentioned above will remain. As far as whether the value of your home will increase, studies have indicated that California homes with PV systems installed sold at a greater price point than comparable homes without such systems. This result was gathered by the Lawrence Berkeley National Laboratory which included homes sold between 2001 and 2009.
So while you’re living in your homes with invested PV panels, you are benefiting from yearly savings on your utility bill. If you do indeed plan to sell your home, your PV investment will not go to waste.
Let’s take a look at the individual stakeholders in this particular circumstance.
The initial homeowner who paid for the solar panel installation –
The initial homeowner may be attracted in purchasing the PV system for a number of reasons. These reasons may include taking advantage of government incentives and offered rebates, striving to be environmentally-friendly, or plain and simply because they want to save money. Purchase done. Benefits reaped.
The future home buyer –
The future home buyer is the individual who plans to buy a home. Solar panels are an attractive addition to homes; thus, the home buyer will be more swayed toward buying a home at a higher price point if it has solar power installed. By purchasing a home with solar panels installed, the new homeowner can reap the same benefits, as mentioned above, as the prior owner.
The seller –
The seller is the initial homeowner who paid for the solar panel installation. Due to personal factors and reasons, they have initiated the process of selling the home that they invested in. Since sellers are aware that buyers are attracted to homes with renewable energy, the price that they sell will more likely than not be much higher than if it did not have a PV system installed.
The Earth –
The Earth is also a stakeholder. In this case, the earth comprises all of the living organisms and natural resources. By having PV systems installed, the earth’s sustainability is enhanced due to the reduction or lack of CO2 use.
The Government –
The government does its part by promising to promote and encourage the use of renewable alternative energy as well as meet requirements posed.
The PV Seller –
The PV Seller includes all of the employees involved in making the production and sales happen. This provides for a healthier economy when jobs are created and sustained.
When we breakdown all of the scenarios for each stakeholder, the benefits are undoubtedly full circle.
Thus, not only is value added to your home, value is added worldwide on many different levels for all of us.