Why Solar Power Can Be Worth Thousands For Home Buyers and Sellers
There is plenty of data out there demonstrating that solar power is better for the environment, but when it comes to the financial savings from solar, many home buyers and sellers struggle to answer the million-dollar question: does a solar power system add value to my home?
Below, we break down the financial impact of adding a solar power system to your home when buying or selling. The numbers may surprise you!
The Simple Answer
Yes, a solar-powered home is a smart financial investment! In addition to helping the environment, installing a solar power system to your house can:
- Save you thousands of dollars when buying your home through Reeco
- Add a valuable asset onto your house
- Make your home more appealing to buyers, causing it to sell faster than a home without solar (ideal for home sellers as well as home buyers who are thinking long-term)
That is music to ears of many home buyers and sellers, but let’s take it a step further. Just how much can you expect to save? And how much shorter will the home selling process be with a solar-powered house?
A Solar Power System Can Help To Sell Your Home 20% Faster
Solar-powered homes are in high demand, especially in geographies like Southern California where thousands of hours of sunshine annually mean plenty of free solar energy for the taking. The Solar Energy Industries Association (SEIA) estimates that sunshine already powers nearly 5 million homes in California, and experts predict that solar energy will grow even more dominant in the near future.
It’s no surprise as to why home buyers want solar power systems on their new homes: California residents pay nearly 41% more on electricity than homeowners in other states, according to the U.S. Energy Information Administration. In fact, 2017 saw several rate increases for Southern California Edison and PG&E customers, with the biggest residential users experiencing hikes of up to 80%.
Solar power can offset these costs. In Orange County, for instance, Reeco clients save an average of $1,500 every year with a complimentary solar power system (Reeco is a sustainable real estate brokerage that offers complimentary solar power systems and free electricity to all home buyers and sellers).
Homeowners receive free electricity every month, which can slash their energy bill or even cover the entirety of their electricity expenses in some cases.
Overall, home sellers who address buyers’ demand for solar power—by working with Reeco to receive a complimentary solar power system when selling, for instance—can sell their homes 20% faster and for 9% more than those offering traditional homes without renewable energy.
How Solar Power Can Save Buyers Thousands When Working With Reeco
Home sellers aren’t the only ones who win with solar. Home buyers receive a complimentary solar power system that is worth thousands!
When buying a home with Reeco and receiving a free solar power system, the average Orange County client receives $29,000 worth of value. This is in addition to the free electricity received every month throughout the life of the solar power system (Reeco and the solar power system manufacturer guarantee performance of our solar power panels for 20-30 years!).
Tip: Looking to buy a home and considering a solar power system? Find out how much more your new house will be worth using Reeco’s propriety Solar Savings Calculator.
The Bottom Line
All in all, solar power adds significant home value, speeds up the home selling process, and provides monthly and annual savings to homeowners. Adding a solar power system to your home when buying or selling can be a solid financial decision, particularly for Baby Boomers on a fixed income and Millennials looking to invest in a resource that will pay out month-over-month for years to come.
Find out exactly how much you will save with a complimentary solar power system.