Do Solar Panels Increase Home Value In Virginia

While your home insurance likely covers your system it does not mean that your premium will skyrocket.

Do solar panels increase home value in virginia. Solar panels reduce electric bills and carbon footprints and both are big wins for customers. Virginia passed legislation way back in 1977 authorizing municipalities to exempt residential solar power systems from taxation i e. On average solar panels raise a home s value by 4 1 across the u s according to a new zillow analysis of homes across the country that s a boost of 9 274 on a 226 300 home according to the study. Their impact on your home s value.

After all they save homeowners a ton of money right. Says real estate agent aaron zapata of inman according to fha and fannie mae whether solar panels add value or are viewed as a liability is still unclear. Solar panels are one of those tricky things we all like to believe increase the value of a home. It can potentially increase the home s value by up to 4 1 more than comparable homes with no solar panels.

As of september 2020 the average solar panel cost in virginia is 2 89 w given a solar panel system size of 5 kilowatts kw an average solar installation in virginia ranges in cost from 12 282 to 16 618 with the average gross price for solar in virginia coming in at 14 450 after accounting for the 26 federal investment tax credit itc and other state and local solar incentives the. Increase your home s resale value. As demand for solar power continues to grow in virginia more buyers are willing to pay a premium for a house that already has solar panels installed. Beyond those integral savings a growing amount of data shows that solar panels do one other thing too increase the value of your home.

Ads by ad practitioners. One of those factors. The solar panels will increase value to your if you own them outright not financed. If the solar panels are financed considered personal property.

Once the first home in a neighborhood goes solar other homes are much quicker to follow their example research shows. Others on the other hand might charge a hefty fee on your system on the basis that it adds value to your home. Please do not get tricked talk to your lender because they are the subject matter expert not the solar companies.