How does a solar installation compare to other home improvement projects?
A complete solar panel system installation is much like any home improvement or construction project. A project of this size requires permitting, organization, project management, and financial investment.
A new study from the Lawrence Berkeley National Lab (LBL) found that solar systems add value to a home. This is called a “solar premium”, meaning buyers are willing to pay more for a home with a solar system, and some homes sell for more than their solar-less counterparts.
Just like a kitchen remodel, bathroom remodel, or basement addition, a solar system adds value to your home. The difference is that solar can add more value to your home than typical improvements. Based on data from past customers and research from the US DOE & Sandia National Labs, we’ve found that a solar system can provide a 1-to-1 dollar-for-dollar return (and sometimes more) on your net investment in the panels. Compare this return with a $.80 per dollar return on a minor kitchen remodel or $.65 per dollar return on a bathroom remodel.
Let’s look at some more comparison numbers.
You can see that 154% of the cost of a typical 6kW Solar PV System installation can be recouped after the added home value.* You can make money on this investment! Other home improvement projects don’t come close to a full cost recoup.
A solar PV system investment increases home value, provides a financial return, and invests in a clean environment for future generations.
*Savings numbers and home value increases are based on recent average RGS Energy customer purchases in that state. Each solar power system is customized for the customer and the home, so prices and savings will vary based on many factors including location, system size, shading, weather, availability/qualification for government and/or other rebates or incentives, and local utility rates. RGS Energy does not guarantee savings on total electricity costs, increases in home value, or financial returns. Terms of financing, if available, vary by location and are not available in all areas.