You repainted. You put in fresh carpet. You remodeled the kitchen. You even replaced the roof. And the value of your home has increased.
But what if I told you it could increase even more?
It’s a little known secret. But the truth is, adding solar to your home dramatically increases its value. A study from the Appraisal Institute showed that for every dollar you save in electric costs, your home jumps up $20 in value. That’s a much better deal than other types of home renovations. And thanks to a host of state and federal incentives, you can often recover more than 100% of your initial expense.
But let’s not stop there.
Because what you also might not know is that homes with solar roofing panels sell a lot faster too. A new analysis by the U.S. Department of Energy’s Office of Energy Efficiency & Renewable Energy indicates that solar homes sell twice as fast as homes without solar panels.
And while the expedited resale may be in part due to the perception of value, it may also be related to the actual value saved by adding solar. Homeowners with solar roofs can expect to save an average of $50,000 on energy bills over 25 years – if you live in an area with high electricity costs this number will be much higher. And up to 50% or more of the system cost can be taken care of by a combination of discounts, rebates, and tax credits.
So let’s put this in financial terms. Comparing investing in solar panels on your roof to investing in the stock market, solar can provide as high as a 324% return on investment. In layman’s terms, that means if you invest $25,000 in home solar, expect to get $81,000 back in your pocket over the lifetime of the system. S&P 500 Index Funds won’t even get you close to that – it has returned 2.9% for the past 10 years.
For many people, solar is simply the wave of the future. It pays huge dividends not just in dollars and returns, but in environmental accountability. And that’s an investment everyone can afford to make.
This article was brought to you by Nick Dorotik, co-founder of ASAP Roofing, a national roofing company with offices in Denver, Indiana, Dallas, and Atlanta. ASAP specializes in hail restoration, environmental roofing options, and exceptional customer service. For more information on ASAP Roofing, or to schedule a home roofing inspection for your home, visit www.asaproofing.com