Solar Panels in New York Can Increase Property Value
How do solar panels affect property value in New York? The answer to this comes down to efficiency and cost savings, and how this appeals to the home market.
Numerous studies throughout the real estate industry have found that homes with solar panels command a premium when compared to similar homes without solar. The average increase in closing price can be as high as 4.1% across the entire United States.
In New York, the premium paid for homes with solar is even higher, sitting above 5%. Living in the state, you will know that our electric utility prices are some of the highest in the nation, yet the reliability of the grid is relatively low. People are more interested in buying homes with solar because it ensures energy independence for the years to come.
When a buyer looks at a home with solar panels on the roof, they realize two things…
- They’ll avoid the cost and process of arranging for a solar panel installation.
- They’ll have lower electricity bills with most of their power needs covered by solar production.
Your investment in green energy today will continue to provide value in the years to come. And, if you decide to sell your home, the solar panels on the roof will make the property more attractive to potential buyers.
It’s a situation that will start benefitting you from the minute that your panels go live. You can talk to a solar solutions expert at New York Power Solutions today to learn more.