There are many things that have the potential to increase the value of your home, should you wish to implement them – a converted basement or attic, a game room, or the latest home technology system are just a few examples. With homeowners becoming energy-conscious, many are choosing to invest in energy-saving solutions for their home such as solar panels. Can solar panels increase the value of your property? Let’s find out.
How Do Solar Panels Work?
Solar panels are made from special cells that convert the sun’s energy into electricity. These cells are sandwiched between layers of semi-conducing materials like silicone. Each layer has different electronic properties that become energized when they receive energy photons from the sun. This creates electricity that travels inside your home to an inverter. The inverter’s job is to turn the direct current energy into alternating current (AC) energy that enters your home’s electrical panel to power your home appliances. If there is any excess electricity, this will be sent to the electric grid.
What Are the Benefits of Solar Panels?
There are several different benefits associated with the use of solar panels. These include the following:
Solar energy is a renewable energy source.
Worried about the environmental impact of running your home? Solar energy is a completely natural and renewable energy source that doesn’t produce any byproducts, create noise, or pollute water. This makes it much better for the environment.
Lower your electricity bills.
Wouldn’t you like to save money on your utilities? You can with solar panels. Since they will generate electricity that’ll be used in your home, you can expect your bills to drop. You can even make money by selling any unused electricity back to the grid!
Another great benefit of solar panels is that they only need minimal maintenance. You can expect to clean them a few times each year, as this will maximize their efficiency. Meanwhile, the inverter should last around a decade. All good solar panel suppliers will offer a decent warranty too – usually in the region of 20-25 years.
Will Solar Panels Increase the Value of My Property?
If you are thinking about installing solar panels purely to try and increase the value of your home, stop right there. Getting solar panels requires a significant financial investment that you are unlikely to recoup unless you then choose to live in your home for several decades or more. Studies estimate that depending on where you live and how much electricity you use, it could take anywhere from 12 to 25 years to see a return on your investment.
However, what solar panels can do is make your home more desirable – particularly to millennials, who represent the largest market of homebuyers and who are also the most environmentally-conscious. For this reason, we strongly recommend that if you have solar panels, you incorporate them into your home marketing materials.
If you would like more information on ways to increase your property value, or if you would like to obtain an accurate valuation for your home, please contact Texas Roadrunner Realty at 210-598-7600.