A common question that comes up when households and homeowners are contemplating converting to solar energy is whether or not a solar energy system installation can increase the value of a home.
Below, Geneverse goes over whether or not upgrading to solar will increase your home’s value.
Do Energy Savings Equate to Home Value Increases?
According to Architectural Digest, home solar drastically cuts down on carbon footprint while also providing savings on utility bills – but many people already know this. Additionally, home solar also increases home value. Experts assert that for every $1 saved on energy bills, home value typically increases by $20. For example, if you save $800 on your energy bill by adding home solar, your home value will increase by $16,000.
Homes with current and up-to-date solar energy systems provide higher value than homes with out-of-date solar energy systems, which is an important factor to keep in mind. Having home solar energy in place and keeping it maintained is the best way to increase your home value.
Battery Storage and Solar Panels Decreasing in Price
Recent studies suggest that solar panels and combined battery storage are becoming more economically viable as solar energy product manufacturers aim to deliver their technologies and solutions to the masses. This means that cost-efficient home solar energy systems are hitting the market, which provides a faster return on investment for homeowners converting to solar energy.
Solar Incentives, Net Metering, and Battery Storage
Solar incentives are typically offered on federal, state, and local levels. Solar incentives can significantly lower upfront solar energy system costs. For instance, if you take advantage of the federal solar tax credit you will get a tax reduction that equals around 30% of installation cost.
You can check on your state and local incentives by visiting the Database of State Incentives for Renewables and Efficiency (DSIRE) website.
Additionally, net-metering programs enable homeowners to sell surplus energy, sending it back to the grid in exchange for credits that can be applied to utility bills or in some cases annual payouts. Net-metering programs are offered at state levels or by specific utility companies.
Opting for battery storage will also help offset high rate periods which increase energy savings and can be used as a selling point if a homeowner with solar power is interested in selling their home.
Introducing the Geneverse PowerPillar ESS
Geneverse is excited to announce the arrival of our PowerPillar ESS. Our all-inclusive home solar energy storage system will help you protect your home while simultaneously minimizing your power bills.
The PowerPillar ESS is the most cost-efficient solar power system available on the market with a variety of built-in features and components to reduce upfront and installation costs. Contact Geneverse today to learn more about how we can help you and your household reduce your carbon footprint while achieving energy independence
About Geneverse: Geneverse is the most reliable and cost-efficient source for solar energy. Our PowerPillar ESS integrates solar power, battery storage, not to mention grid and generator power sources that help our customers get the most out of their energy storage investment – all at the most competitive pricing on the market. We craft complete home energy systems that power energy independence rain or shine in addition to portable solar products that provide decentralized power during emergencies and unforeseen circumstances. Learn more about Geneverse and how we can bring protection and security to your family/household by visiting our website today.