Solar panels are one of the most effective ways to increase the value of your home.
According to the widely-cited Remodeling 2011-12 Cost vs. Value Report released annually by the National Association of Realtors and Remodeling magazine, here's a chart showing how some of the best ROI remodeling options compare to solar panels for the Boston area. Solar panels show about twice the ROI!
According to a professional real estate appraisal magazine, "the increase in appraisal value for a home is about twenty (20) times the annual reduction in operating costs due to energy efficiency measures."1 Since a 5 kW solar panel array should save you about $1,000 annually, they would increase the value of your home by about $20,000, for a net cost of less than $13,700. Plus, what other home improvement actually earns you money?
And according to this Research Report Summary of An Analysis of the Effects of Residential Photovoltaic Energy Systems on Home Sales Prices in California, home prices increased roughly $5.50 per watt (DC) over those houses without solar panels. So a 5 kW solar panel system showed an average increase of $27,500 in the selling price of a home. Note that this calculation is consistent to the one in the above paragraph but adjusted for the greater amount of sun received in California than in Massachusetts.
Additionally, Massachusetts has exempted solar panels from property taxes for 20 years. So not only will it raise the value of your home, you will not be penalized with higher property taxes.
Plus today's solar panels are sleek and sexy. Check out my Pinterest board showing just how attractive solar panels on residential homes can be.
So now that we've covered all the benefits of solar panels, it makes sense to investigate the Leasing vs. Owning question. If you already feel comfortable with that reasoning, then your next stop is the solar company ratings page where you can save up to $500 on your system by using the provided form.