Whether you are a new home-owner, approaching retirement, an investor or a building contractor, solar delivers significant financial benefits. Laws in Illinois allow solar panels to add a solar premium to your home without being subject to property taxes.
Several studies have shown that homes with solar panel systems increase in value by adding a PV premium to the home or property price. Not only will solar pv owners save money by owning their energy production, but they will also actually be able to recoup most of their investment when and if they sell their property.
According to a Lawrence Berkeley National Laboratory report, since the gross cost of a system is offset through federal and state incentives, the net cost of the system has become the market signal for the pv premium added to your home’s value. As you save money through your investment, your home retains that initial solar pv premium.
A Forbes article sites 97% return on investment for solar pv systems, which is remarkable considering the savings you can incur through being a solar home-owner.
Homes with Solar Panels Sell Faster Too
For all of the reasons stated above, homes with pv systems also sell faster than non-solar homes.
Imagine if you were in the market for a home and you had the choice between a home that already generated free electricity and one whose utility bill will continue to rise as electricity rates increase over the next twenty and thirty years. An easy choice, right?
Energy efficiency improvements have been shown to attract practical home-buyers. Anyone considering installing solar panels should look for simple energy efficiency improvements which can drastically reduce your home’s energy demand and increase the value of your solar panel and home value at the same time.
Lawrence Berkeley National Laboratory
Host-owned rooftop solar adds significant value to U.S. homes across 8 states
New York Times Green Blogs
Study Finds Solar Panels Increase Home Values
The Appraisal Journal
Evidence of Rational Market Valuations for Home Energy Efficiency