Does Solar Actually Increase Utah Home Value in 2022?
The jury is out. While solar panels have been shown to increase home value on average across the country, that doesn’t necessarily mean that it increases home value in Utah. Let’s take a look at the evidence.
Do Solar Panels Raise Home Value on Average?
If we zoom out and approach things from a national angle, we can get a clearer picture. It’s usually said that solar panels increase home value in general. Is this true? The answer is yes.
Solar Panels Increase Home Value on Average
While not much research has been done on the topic, what research has been done generally agrees that solar panels increase a home’s value by roughly four percent. The increase comes because many home buyers are willing to spend anywhere from $9,000 to $15,000 more for a home with pre-installed solar panels. Getting a home already powered by clean energy is much more attractive for new homeowners than going through the work of installing solar themselves.
Leased Solar Panels Do Not Increase Home Value
There is one exception to solar panels increasing home value — leasing solar. A solar lease is where panels are installed on your roof, but they are still owned by the installation company rather than the homeowner. Solar leases come with contracts to purchase power from the company and many hidden fees.
Do Solar Panels Raise Home Values in Utah?
Now that we’ve taken a look at America writ large, what about Utah? Can you increase your Utah home’s value by installing solar panels? The data isn’t entirely clear.
What Do the Stats Say About Utah Solar Home Values?
It can be difficult to tell. When the main studies about solar panels and home value were being conducted, Utah didn’t have enough solar powered homes to do a full survey. Not many studies have been done after the initial round, meaning that it’s not possible to say for sure whether solar panels increase home value in Utah.
What Do National Solar Home Values Mean for Utah Homeowners?
While it isn’t a guarantee that solar panels will increase your home value in Utah, that doesn’t mean that they won’t either. If solar panels increase the average home value across the country, then they likely will also do so in Utah. It isn’t necessarily a guarantee but it is a good bet. Combine that with the potential savings that come from going solar and things are looking up for the Beehive State.