By installing quality Bay Area solar panels in your Oakland home, you can boost the value of your asset, enjoy long-term energy savings, and reduce pressure on the energy grid.
According to a new National Bureau of Economic Research (NBER) study, homeowners who install solar panels witness an average increase in home value of 3% to 4%. Another study, conducted by the Lawrence Berkeley National Laboratory, also found that the addition of solar panels yields a “sizable effect” on home value.
A sound investment that yields both instant and longer-term benefits
Researchers found that installing solar increased both the “consumption” and “investment” value. The improvements also led to non-tangible benefits, such as increased feelings of personal satisfaction. When you install a solar array on your home, you relieve pressure on the energy grid and reduce pollution and emissions of greenhouse gases.
The study out of San Diego found that — once you factor in California and federal subsidies — the cost of installing an array is around $22,254.00. On average, therefore, “homeowners fully recover their cost of installing solar panels upon the sale of the property.”
If solar is such a good deal — both in terms of cost savings and ultimate return on investment — how come it’s not even more popular?
Some of the resistance to solar, no doubt, stems from the steep upfront costs.
Depending on the size of the home, the nature of the job, and the energy needs, panels can cost up to $40,000.00 to buy and install. At that price, homeowners without a lot of capital on hand to invest may hold off — even if, long-term, solar seems like a sensible investment.
To allay fears (and help with cash flow), many installers now offer payments plan, which can help homeowners switch to solar immediately to start saving on energy bills and build home value. If you’d like a free estimate to find out whether Bay Area solar panels make sense for you, get in touch with the Save A Lot Solar team for astute, thorough, and no pressure assistance.