Take a drive around many neighborhoods and chances are you will see more solar panels on rooftops. Of course, oftentimes these panels are concealed in a way that make them less visible from the street view, depending on the position of the home. Nonetheless, the interest in solar energy is continuing to grow. According to a recent Rocket HomesSM study, 67% of non-solar households are interested in solar. In addition, 27.2% of homeowners say they have or are in the process of getting solar panels or solar shingles.
Why solar energy?
Overwhelmingly, the majority (90.7%) of homeowners with solar energy cited the desire to lower their electric bills as their primary reason for having solar panels installed on their homes. Of course, environmental responsibility was also cited as a common reason for solar energy.
As for the impact of solar energy on the housing market, it is important to note that homes with solar panels spend 13.3% less time on the market than homes without solar panels. In addition, homes with solar panels are 24.7% more likely to sell over asking price. As always, all real estate is local. Therefore, it is important to analyze your local market demand for solar energy. Due to differences in local climate, economics and geography, going solar offers more benefits in some places than in others. Lastly, incentives for installing solar panels may vary from state to state.
As with any home upgrade, you will want to analyze the cost/benefit ratio of installing solar panels. A big factor in this decision will be determining your “pay off” scenario. In other words, if you determine that your average monthly savings in electric will be a certain amount, you can try to estimate how many months it would take to pay off the initial costs of the solar panels. If you plan on staying in your home for many years, this may be an easier decision. Of course, you will also want to account for rising electric costs over time. You should be able to analyze your past electric bills to determine average increases over time.
At Live South Florida Realty, Inc. we have assisted many clients with their real estate needs. Are you looking to buy or sell a property in South Florida? Now more than ever, it is critical to have a qualified real estate team and the proper search tools behind you. Live South Florida Realty, Inc., has been a leader in the South Florida market for many years. Let our team of professionals assist you with buying or selling your piece of paradise today! In addition, our recently launched “Florida Home Search” app is now available on the Apple App Store and Google Play Store. With real-time MLS feeds, this app lets you set your own alerts to notify you as soon as a property meeting your needs hits the market. Furthermore, it will also let you know of recent closed sales in your area so that you may be even more educated on the market. Be sure to download this app for your smartphone or tablet today!