With all the buzz surrounding worldwide climate protests, I’ve been considering ways to further my part in the conservation of resources and living a “greener” lifestyle. I made a few shifts here and there, and after paying closer attention to my water and electric usage, to my surprise, I noticed a significant decrease in my utility bills at the end of the month. This made me feel great. Not only was I living greener, I was saving money too! As I currently live in an apartment, there’s not a whole lot more I can do to make my living space much more eco friendly. However, if you’re a homeowner, there’s a fantastic solution many are turning to -- solar power.
Potential buyers and appraisers attach great value to homes generating power with solar solutions. Besides financial gains, solar will significantly enhance your part in reducing your carbon footprint while practicing a sustainable lifestyle. While the initial investment of installing solar panels may pinch you financially, you are more than compensated with reduced energy bills, increased value of your home and the peace of mind knowing you’re contributing to a greener planet.
Green movements have gained considerable traction in present times and are expected to be a major factor in deciding the preferences of home buyers in the future. “More than 80% of buyers now say energy-efficient features are important in selecting their home,” said Sarah Mikhitarian, Zillow senior economist. “We are increasingly finding that these attributes are important to prospective homebuyers. This is part of the reason that there is a premium associated with it. The other piece is that there is true value provided by solar panels — namely, future energy savings.”
Conducted studies on the resale value of homes equipped with solar panels suggest that home values increase an average of $5,911 for each 1 kilowatt (kW) of solar installed. This means that by adding 5-kilowatt solar panels to your home, you can expect an increase of nearly $25,000 in the sale price of your home. In a state like California, for example, a small 3.1-kilowatt (kW) system can add an average of $18,324 to the value of a medium-sized home. Another similar study found that homeowners are getting nearly 3.73% higher prices for their homes with solar panels than homeowners without solar power panels. Furthermore, you should know that certain states like California provide tax incentives toward the installation of solar systems!
By turning to solar energy, you’re also taking a positive step in the direction of eco-friendly living. Your home not only becomes energy efficient and more valuable, but also healthier on accounts of clean energy. You can easily reduce your carbon footprint as you start to help in the conservation of resources.
It’s a serious win-win all around for homeowners, buyers and the planet. On one hand, homeowners can recoup the cost of installation of a solar system with the increased sales price of their home. On the other hand, buyers are happy with their purchase of an eco-friendly property with reduced energy bills. In addition to doing your part to conserve resources and the wonderful tax incentives to top it all off, it’s apparent the benefits far outweigh the cost one pays at the time of installation.
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