Installation of Solar Panels on Home Can Increase Value by 4 Percent During Resale
Las Vegas, NV. February 11, 2016 – Today, Enercore, a partner of SunEdison, Inc. (SUNE) releases data to inform homeowners that the installation of rooftop solar on a home can increase the value of it by 4 percent.
Enercore currently provides solar power for homeowners and businesses throughout California, Connecticut, Maryland, New Jersey, New York and Massachusetts. The company will also increase rooftop solar services to additional states throughout 2016.
In theory, by adding a modernized kitchen or new floors, you will get back your return on investment, but this is not always the case. A recent Cost vs. Value report through Remodeling Magazine states, “Homeowners are only getting back 64 percent of the average remodeling project cost.” In short, homeowners are losing money on traditional remodeling.
While most homeowners spend money to increase the value of their home through remodeling, a return on investment is not always guaranteed. Depending on what state you live in, installing rooftop solar on your home could potentially cost you zero dollars. No other home remodeling can potentially cost zero dollars, but can increase the value of that home by 4 percent. For example, a $500,000 home installs rooftop solar. This brings the approximate value of said home to $520,000.
An increased number of savvy homeowners are turning to solar energy as a way to increase equity, while also lowering high monthly utility costs. The average homeowner saves about $1,000 a year when switching to a solar rooftop. It’s important to note that most solar rooftops are warrantied from 10-20 years. This is one remodeling cost that yields high returns.
An energy efficient solar rooftop is also ideal for a homeowner who has an older or historic home that has little or zero insulation. Solar allows those homeowners to heat their homes at a much lower cost, while increasing its value.
Still not convinced? A study by the National Renewable Energy Laboratory found that solar homes sold 20 percent faster and for 17 percent more than the equivalent non-solar homes in California. Numbers don’t lie. Installation of a solar rooftop not only increases the value of your home, but also uses clean, renewable energy, and saves you money each month.
“Installation of solar rooftop increases the value of your home and reduces your electric bill. This home improvement is the only one that will ever pay for itself,” says President of Enercore, Scott Reynolds. “Our experts are here to answer any questions a potential or current customer may have on a product that we believe is the future.”