Did you know that solar power increases home equity so significantly that it more than pays for itself? It’s true! After installation, most solar systems provide a substantial return on their investment in just the added property value alone. Read Simply Solar’s explanation of why this is and how you can increase your home’s value with solar power.
Solar Power is the Gift to Your Home that Keeps on Giving
Whether you’re a new homeowner or a real estate veteran, you can’t go wrong with upgrading your home with new appliances. In recent years, many homeowners have taken notice of the ever-cheapening cost of installing a home solar system.
But unlike energy efficient light bulbs, or water-saving dishwashers, solar power has a unique way of keeping your home green while still managing to increase your home equity for many years down the road.
If you’ve ever renovated your home, then you’re familiar with how the finished product—whether it be a new bathroom, refurbished basement, or a deck in the backyard—increases your home equity by thousands of dollars. The same can be said for solar, as a new system typically provides an immediate two to three-fold return on your investment!
From State to Shining State
California and Hawaii are some of the sunniest states, so it’s only logical that solar power is a great option for the millions of homeowners living here!
The average solar system now lasts up to 25 years with industry warranties before there is any noticeable need to maintain or replace them. Not only that, but a properly installed solar array can cover most, if not all, of the electrical needs of the property.
There’s even more good solar news. One of the primary reasons that home equity increased in Hawaii so quickly during the last few years is due to the state doing away with Net Energy Metering rates. Now homes that installed solar with those previous rates will keep paying the same amount for many years to come versus today.
With current Net Energy Metering terms in California, if you install or purchase a home today, you will get to keep these same utility rates for solar power for 20 years after the system’s installation. Everything is greener (including your increased home equity!) when you’re powered by sunlight!
What is Net Energy Metering and How Can It Increase Home Equity?
Net Energy Metering, or NEM, is a popular incentive for solar that allows you to store your solar electricity in the electrical grid. Whenever your solar system generates more energy than your home uses, it sends that energy into the grid in exchange for credits.
Right now you can still take advantage of the great Net Energy Metering Rates in California—but hurry, because current rates are likely to change come Summer 2021!
Check out how Net Energy Metering can benefit you here, or get in touch with your local solar expert to learn more!
Other Renewable Energy Home Upgrades to Increase Home Equity
Already installed a solar system, but still searching for ways to make your home greener (both environmentally and in terms of monetary value)? Consider replacing older model appliances, HVACs, and fixtures with EnergyStar Rated ones! EnergyStar Rated appliances are certified by the EPA to reduce energy consumption and help keep your home more efficient.
Your heating and air conditioning units can also play a big role in your energy bill, so be sure to check your HVAC system annually, and give it a tune up whenever possible to have it running smoothly all year round!
To learn more about how solar can increase your home equity, contact one of our solar experts to discuss going green while making green!