Does Installing Solar Panels Increase Your Home’s Value?
As they’ve become more popular, I’ve been getting a lot more questions about solar panels, the installation process, and if the cost is worth the investment.
Before making a decision, there are a few things you should know.
First, installing solar panels won’t really increase your home’s value in the state of Rhode Island. They aren’t cosmetically pleasing, and the age and condition of your roof play a factor as well. If your roof needs to be replaced within 20 years, you should replace it first before installing solar panels.
However, installing these panels does come with a cost savings in the long term. You’ll get great tax discounts and incentives as well. There’s a 30% tax incentive this year.
Another thing to consider is whether you’re going to be selling your house. A lot of times, when you’re signing the contract for solar panels, you’re leasing them. When a buyer is purchasing your home, they have to be willing to take on the lease. If they aren’t, you’d have to buy out the remainder of the contract. If you’re going to be selling your home within the next 10 years, the tax savings might not be worth it.
If you have any additional questions about solar panels or real estate in general, don’t hesitate to give me a call or send an email. I look forward to hearing from you soon.