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Solar Panels Can Increase Your Homes Value
Solar Panels Are The Future
Have solar panels? Then you might consider selling your house. According to new data, homes with solar panels can fetch a premium when compared to other properties.
A Sunnier Sale
According to some new data from Zillow, homes with solar panels on them sell for 4.1 percent more than other comparable properties. On a median-priced home, that equates to nearly $10,000 more.
One reason houses with solar-energy systems sell for more than those without them is because they can provide substantial future energy cost savings. For homeowners who know they consume a lot of power, these future savings are worth spending a bit more money up front.
Zillow’s recent Consumer Housing Trends Report proves how valuable efficiency is to today’s home buyers. According to the report, more than 80 percent of recent buyers said energy-efficient features were important to them.
Solar Panels By City
The solar panel sales premium varies from city to city. They fetch the highest price in New York City, adding 5.4 percent to the average home price — or around $24,000.
They also bring in serious cash in Orlando, Florida (a 4.6 percent higher sales price) and San Francisco (4.4 percent). That translates to around $11,000 and $41,000, respectively.
In cities like Los Angeles and Riverside, California, solar panels still bring in extra money — but not nearly as much as the national average. Solar panels add just 2.7 percent to a home’s sale price in Riverside and 3.6 percent in Los Angeles.
*This article does not represent legal interpretation or advice. This is not a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet LTV requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines, and are subject to change without notice based on applicant’s eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over life of loan. Reduction in payments may reflect longer loan term. Terms of the loan may be subject to payment of points and fees by the applicant. Seattle Mortgage Brokers, LLCNMLS: LO# 305371/1598279 | MB# 761615
