Out of the many benefits of installing solar panels on your home—energy efficiency, decrease in utility bill, environmental health—one of the best benefits is the increase in the value of your home! This is great news for Colorado Springs homeowners, as COS is one of the fastest growing cities in the nation. If you ever go to sell your home, solar panels are not only attractive to potential buyers, but they can add potential value to the price of the house.
Although popularity of solar panels is a recent development, there have been several studies conducted on the panels’ addition to value. As shown by a multitude of studies that you can find below, every statistic shows that solar panels do increase the value of a home! Because of this, investors can feel confident in their decision about installing solar panels. These statistics were proven true in every single state, so Coloradans should have the exact same results. Here’s a breakdown of the research on solar panels and home values.
How much does the value go up?
The average payback time for solar panels is eleven years, give or take some. For the cost of the installation, how much do solar panels actually add to the value of your home? The truth is that it depends on the study. In the lowest estimating study, researchers assessed that the average value added was $14,329 per home, which is 3.74% of the average sale price of the home. With the average cost of installation being $3.66/W in Colorado Springs, plus energy savings from the solar panels, this amount covers the price of solar panel installation. And this is the lowest estimate!
A second study goes further, stating that in Colorado homeowners can add an additional $3 per watt from solar panels. In a 6kw system this means an extra $18,000 in value added to the home.. However, a final study shows that this number could be much more. According to these researchers, solar panels in Colorado Springs could add up to $5,911 in value per kilowatt installed! Even in the smallest 3kw system this adds $17,733 in value, while average systems of 6kw add $35, 466 in value. The bigger the system, the more the value increases. Wow!
- If the solar panels are not listed in the MLS, the value will not increase. It must be documented in order to receive benefits. Be sure to talk to your real estate agent about your solar panels before listing.
- The value of solar panels goes up in cities that solar energy is well accepted. Colorado Springs is just at the tip of the iceberg for solar energy, so these values may increase over time.
- Homes with solar panels installed took longer to sell than non-solar energy homes. However, the selling price was ultimately higher with solar paneled homes.
Looking to add value to your home in the Springs? Contact local CRJ Contractors to see how solar panels can help you! We are proud to be a solar panel company in Colorado Springs, and we are experts on all things solar. Call us today for a free solar estimate!