Do Solar Panels Increase Home Value in Colorado?

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Do Solar Panels Increase Home Value in Colorado?

Not all home improvements will immediately add value to your home. Some may take a lot of investment for little financial gain. Does the same hold true for solar panels in Colorado? Let’s take a look and find out. 

How Solar Panels Can Increase Colorado Home Value

Solar panels have been shown to increase a home’s value by 4.1 percent on average. This will, of course, depend on the value of your home already, where you live, and other factors. However, if you install solar panels on your home, you’re likely to see an increase in property value. Here’s why.

When it Comes to Colorado, Going Green Is In

Recent studies have shown that potential homebuyers are willing to spend a lot extra money to secure a home with an existing solar array — $15,000, in fact. Why? Because more and more homebuyers are becoming environmentally conscious. Purchasing a home with solar panels already installed is a way to make your life greener without having to go through the solar installation process. Additionally, battery backup in the form of a Tesla Powerwall can make your home even more valuable by bringing energy independence.

Solar Panels Are a Strong Investment for Colorado Homeowners

Additionally, solar panels are a strong investment. The average solar installation will come with a 10-20 year warranty, while some have warranties up to 25 years. Solar warranties usually guarantee a certain percentage of the total production of your solar panels. For example, a warranty that guarantees 85 percent production after 15 years will cover repairs or replacements if it drops below that amount before the end of the warranty.

Solar Panels Last a Long Time

On top of having warranties that sometimes exceed two decades, many solar panels will last longer than that. Solar panels can last for 30 years or more. While your panels’ production is going to continue to drop during that period, they will still be producing quite a bit of solar electricity for you long past the end of their warranty period.

Leasing Solar Does Not Increase Home Value in Colorado

A word of warning about leasing solar panels — they often cost homeowners more than they save. 

Why Leasing Solar Panels Doesn’t Bring Savings in Colorado

Leasing solar panels is when a company installs solar panels on your roof for “free.” However, while the panels are on your roof and you can purchase discounted electricity from the company, you don’t have control over the panels. The solar company decides where they go and how long they stay on your roof.

Leased solar installations can be ugly and very noticeable. Additionally, if you wish to sell your home while leasing solar panels, you have to convince potential buyers to take on the contract themselves. Otherwise, it stays with you! Getting out of the lease early can cost hundreds of dollars in fees. 

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