Getting solar panels for your home is no small investment. If you’re on the fence about going solar, you probably want to know whether your solar panels can increase the value of your home.
If you aren’t sure if you’ll live in your home long enough to see the costs of your solar installation in Del Mar pay off, you’ll be happy to hear that solar panels can, in fact, boost your home’s value. The exact increase and your solar panel savings will depend on where you live, as well as on a couple of other factors. Read on to learn more!
Do solar panels increase home value in California?
California has gone all out when it comes to solar power in recent years. This is best illustrated in the fact that solar panels will be mandatory for all new homes in California starting from 2020. Additionally, adding solar panels to your Cali home may give your home’s value a significant boost.
A recent study has shown that homebuyers are willing to pay a premium of approximately $17, 000 for a property with solar panels. The exact value added to your home will depend on a number of factors, such as:
- How many solar panels you get. The value of a property increases with the number of solar panels that are installed.
- How much your home is worth. The bigger your home is, the greater the boost in value will be.
- Where your home is located. Homes in locations that are more active when it comes to solar power receive higher value increases, and California is a leader in this regard.
How long does it take for solar panels to pay for themselves?
You can determine your solar system payback period by calculating your annual financial benefits and the combined costs of your solar system. Here’s what you’ll have to know:
- The gross costs of your solar panels that will depend on the size of your system and your chosen solar equipment.
- How much you gain from incentives such as the federal investment tax credit and additional state rebates.
- Your monthly electricity consumption. The more you spend on electricity, the shorter your payback period will be.
- How much energy your solar system can produce in your individual circumstances (weather, roof size, roof location etc.)
Once you have all of the data, you can determine your payback period by determining the combined costs. You can do so by subtracting the value gained from upfront rebates from the initial costs of the panels. Next, you should calculate your annual benefits by looking into the electricity costs you avoided and any additional incentives you may have had. Finally, divide the combined costs by the annual benefits to see how many years it will take your solar panels to pay for themselves.
Experience the finest solar installation in Del Mar
There’s no better place to go solar than in California when you consider all the available financial incentives and benefits. And when you take into account that the ITC might not be 30% for much longer, there’s no better time to go solar than 2019.
Why wait? Reach out to Action Solar today and start planning for your solar system. We’ll make sure you gain as much as possible from your solar experience by providing you with top-notch installation, maintenance, and servicing of your solar panels, allowing you to unwind at San Dieguito River Park without worrying about the rising electricity costs.