Solar energy continues to grow in popularity as a way to reduce your carbon footprint and have a more energy-efficient home. The sustainable, clean energy your home uses makes for reduced electric costs and nearly complete self-reliance. While solar panels are still costly to install, you can gain value in your home. At DMV Equity, Inc, we have # ways that residential solar in NY can increase the value of your home.
Save on utilities
Besides reducing your carbon footprint with green energy solutions like solar energy, the biggest reason most people make the switch is to save on utility bills. While this is a great way to pad your pocketbook, it also adds value to your home. According to The Appraisal Journal, the value of your home will increase by about $20 for every dollar that you save on annual energy costs. Now, this might not seem by much, but it definitely adds up. For example, the average electricity bill in New York is $106 per month. Project Sunroof estimates that an average home in New York will save $17,000 in energy costs over the course of 20 years. This comes out to a touch more than $70 a month. If you’re saving this much on your bill each month, that increases at a value of $16,800. That nearly matches the 20-year savings.
Buyers love solar
While not all buyers are looking for solar, there’s still a large portion of the market who is. More than 80% of homebuyers say that energy-efficient features are important to them. Beyond that, Zillow has found that those who are looking for a home with solar are willing to pay as much as 4.1% more for a home. To better understand how much this amount can be, let’s take a look at average home values in Mamaroneck, NY. As of February 2021, the average home value is about $585,000. If this is the value of your home, a prospective buyer might be willing to offer as much as $608,400.
Keep in mind, this doesn’t mean that your list price goes up, rather some home buyers are willing to place an offer on your home 4.1% higher than what they would originally consider.
When you have residential solar panels installed on your home, you could be eligible for substantial tax credits and rebates. If your solar PV system is installed prior to December 31, 2021, you can claim a tax credit of up to 22% of the cost of installation. There is no maximum dollar amount that can be claimed. This is cash in your pocket now rather than an added value to your home, but you can reinvest this money into your home to increase its value. Remodel your kitchen or add a fresh coat of paint throughout your home.
Book an appointment today
Get started making the switch to solar energy with the help of DMC Equity, Inc. We can help you get started with a free consultation during a 15-minute phone call. Our experts will evaluate your home and provide information regarding your residential solar panel configuration in NY. If you have any questions about our solar panels, please don’t hesitate to give us a call at 808-218-4169 or send us a message directly using our contact form.