It’s clear that solar panels are a good investment when it comes to saving money on your monthly electric bill as well as helping the environment. But did you know that solar panels also increase the value of your home? Let’s go over the reasons why.

Solar Panels Are A Selling Point

In 2015 the Department of Energy and Berkeley Laboratory conducted a study and their findings were pretty amazing.

  • They analyzed nearly 4,000 homes with solar panels.
  • The study was conducted in 8 different states.
  • They found that buyers are willing to pay an extra $12,000 to $15,000 for a home with just an average sized solar array.
  • If you had a larger array, you may even be able to get more than that.

On average, solar panels add $20 of value for every $1 you save on your electric bill. So if you saved $200 a month on your electric bill with solar panels, you’d have an additional $4,000 of value added to your home.

According to a comprehensive report done by the US Department of Energy and National Renewable Energy Laboratory (NREL), they found that:

  • Each additional $1 in utility bill savings from your solar installation can add a whopping $20 to your home value.
  • Homes with solar arrays sold 20% faster, and for 17% more.

Here’s more data from Zillow research that shows homes with solar panels installed sell on average for 4.1% more. And it varies depending on where you live.

the top 10 best Cities for selling your home with solar panels

City Overall Homes Green Homes
St. Petersburg, FL $283,450 $734,450
Knoxvile, TN $185,000 $461,000
Birmingham, AL $184,500 $450,000
Austin, TX $850,000 $2,000,000
New Orleans, LA $219,5000 $507,500
Wilmington, NC $267,000 $605,000
Oklahoma City, OKC $170,750 $357,500
Chander, AZC $410,000 $858,000
Nashville, TN $300,000 $601,030
Virginia Beach, VA $328,500 $650,000

What This Means For Your Home

Overall, houses with solar panels are more likely to be purchased faster and for more money. Now you’ll be able to use the extra cash for a Hawaiian vacation. After all the work of selling a home is over, you’ll deserve it. Developers have even begun to build houses with solar panels already installed in the hopes it will appeal to potential new homeowners. An ever increasing number of home and business owners are investing in solar panels. The perks of going green aside, the financial benefits are more than enough to make people take a second look when it comes to making solar a new addition to their house. Your solar panels will help save money on energy costs, and as fossil fuels become scarcer, the cost of grid-produced electricity will only become more and more expensive.