Today I’m answering a question that was recently sent to me by homeowners James and Linda. They’re considering adding solar panels to their home, and the representative they spoke to said it would boost their home’s value by $30,000. Is that true, though? What’s the real deal with solar panels?
Obviously we all want to be energy-conscious and reduce pollution, and the main sales pitch you’ll hear from solar panel salespeople is the energy savings that panels provide. In my 23 years of selling homes, though, I’ve never seen a property’s value increase due to solar panels, and I’ve sold a lot of homes with solar panels.
People buy solar panels ostensibly to save money, but it’s important to consider the payback period of this investment. Let’s say it costs you $15,000 to add solar panels to your home. Energy bills in the Triad area average about $280 per month, so let’s assume your solar panels cut this monthly bill in half to $140. At a savings of $140 per month, it would take you about eight years to recoup your purchase. You wouldn’t see any real return until year nine.
So if you plan on staying in your home for 20+ years, it’s more advisable to add solar panels because then you’d actually see some real savings. I will say, though, that I’ve removed many solar panels from homes over the years to get them sold, but I’ve never once added solar panels to a home to help it sell. Granted, some of the solar panels in these cases had expired in terms of usefulness and didn’t look good at all, and these products are constantly evolving.
Regardless, some solar panels can void the warranty on your roof, so check with the manufacturer and read the fine print before making your purchase—especially if you have a newer roof.
The bottom line is this: Solar panels are meant to be a long-term investment, not a resale one. They’re beneficial, but they won’t add value to your home in the short term.
As always, if you have questions about this or any real estate topic, don’t hesitate to reach out to me. I’d love to speak with you.
