Do you know that there is a home improvement that can increase the value of your home by 43%? It’s rooftop solar. And when compared with other improvement-type investments, such as remodeling a bathroom (2% return) or kitchen (2% loss), it’s well worth investigating.
Increase the Value of Your Home
In January of this year, Lawrence Berkeley Labs released the results of the largest study performed-to-date on the selling price of solar homes, entitled “Selling into the Sun”. Along with many well-known environmental benefits of going solar, the study demonstrates that the associated out-of-pocket costs can increase the value of your home at a rate of $4/watt. For instance, a typical Coachella Valley 10,000-watt system that costs $28,000 after the 30 percent Investment Tax Credit, can increase the value of your home by $40,000.
Save Money on Your Monthly Energy Bill
By installing solar, not only do you increase the value of your home, you also save money on your energy bill and help improve the environment. However, there is a catch: the $4/watt value increase only applies if the property owner owns the system (unsecured, secured, and PACE loans also apply), but, if a third party owns your system as with leases and PPA’s, the $4/watt valuation metric does not apply, although it can still make your home more attractive to a potential buyer.
For more about this study, click on the link: https://emp.lbl.gov/publications/selling-sun-price-premium-analysis
Contact Renova Energy today to learn more about how you can increase the value of your Coachella Valley home with solar.