Do solar panels increase home value in illinois
Do Solar Panels Increase Home Value in Illinois?
With the growing emphasis on sustainability and renewable energy, many homeowners in Illinois are considering installing solar panels on their properties. Apart from their environmental benefits, solar panels also have the potential to increase home value. This article will explore whether solar panels truly increase home value in Illinois and provide insight for homeowners who are interested in installing them.
Solar power in Illinois has flourished in recent years, thanks to various government initiatives and incentives. The state has set ambitious renewable energy goals, aiming to source 25% of its electricity from renewable sources by 2025. This has encouraged many homeowners to invest in solar panels, not only as a means to reduce their carbon footprint but also to take advantage of potential financial benefits.
According to a study conducted by the Lawrence Berkeley National Laboratory, solar panels add an average of $4 per watt to a home's value. In Illinois, where the average solar panel installation ranges from 5 kilowatts (KW) to 9 KW, homeowners can expect to see an increase of approximately $20,000 to $36,000 in their property value. However, it is essential to note that several factors influence this valuation, such as location, system quality, and property size.
Location plays a significant role in a solar panel system's valuation in Illinois. Areas with high levels of solar irradiance (the amount of solar energy reaching a given area) are more likely to see a larger increase in property value compared to those in less sunny regions. Fortunately, Illinois receives an average of 4.2 to 4.5 peak sun-hours per day, making it a reasonably sunny state. Homeowners in cities like Chicago, Rockford, and Bloomington can particularly benefit from solar panel installations, as they receive higher solar irradiance levels.
Quality also matters when it comes to solar panel valuation. Potential buyers are more likely to pay a premium for properties with high-quality solar systems that produce more electricity and have a longer lifespan. Therefore, investing in reputable solar panel brands and professional installation services will likely yield a higher return on investment. Additionally, the presence of solar panels may signal to potential buyers that the property is well-maintained and up-to-date, further enhancing its desirability and value.
The size of the property is another important factor to consider. Larger properties generally have more roof space available for solar panel installation. A larger solar system can generate more electricity, leading to higher financial benefits for homeowners and potentially increasing the property's value. However, it is crucial to ensure that the size of the solar system is compatible with the property's electrical load and energy needs to maximize its value.
Apart from the financial benefits, solar panels can also make a property more attractive to potential buyers. A survey by the National Association of Realtors found that 42% of homebuyers consider solar panel installations as very important or somewhat important in their home search. The affordability and reliability of solar energy, coupled with its positive impact on the environment, make it an appealing feature for buyers concerned about reducing their carbon footprint and lowering energy costs.
In conclusion, solar panels can indeed increase home value in Illinois. The potential financial benefits, coupled with the environmental advantages, make them an attractive investment for homeowners. However, it is essential to consider various factors such as location, system quality, and property size when assessing the potential increase in property value. By carefully evaluating these factors and investing in a reputable solar panel system, homeowners in Illinois can not only contribute to a greener future but also enhance the value of their homes.