Solar Panel System or Home Renovation: Which Will Increase My Property Value More?
If you’re thinking of selling your home in Moulton, TX, or anywhere else in South Central Texas, now’s a great time. It’s a seller’s market, and homes are selling for excellent prices and in record time. But we all want to get the most from selling a home; making upgrades in preparation for a sale can really boost profit. Use these details to decide whether to invest in solar power panels or a home renovation.
Return on Investment for a Solar Panel System
In a report from the National Renewable Energy Laboratory, an analysis of homes sold in 2017 and 2018 showed that those with solar panels sold 20% faster and for 17% more than homes without solar panels. Solar panels add more value to homes in states with high energy costs. These include California, Arizona, and Florida. Solar panels tend to produce more power in these sunny climates. Consequently, although energy costs aren’t as high in the lone star state as those three, our area of Texas enjoys, on average, more than 300 sunny days a year. A solar panel system can be a valuable add-on for homeowners here.
The number of solar panels also affected the resale value. Homes with a full solar panel array sold for more than homes with just a few panels. For a median value home in the United States, solar power systems added $9,249 to the home’s resale value.
Return on Investment for a Home Renovation
A typical home renovation allows you to recoup about 56% of the costs if you immediately sell the home. If your home is old and dated, and the ones in your neighborhood have already been renovated, you may get a better return on your investment. The type of renovations you do play a big role in recouping your money, too. Adding new carpet won’t get you much in increased resale value in a neighborhood of homes with luxury vinyl plank or hardwood floors.
If your home is in poor condition, making certain renovations can bring its value up to the average home value in your neighborhood. Some home renovations with the best return on investment include adding another bathroom, renovating the kitchen, and building a two-car or larger garage.
GVEC Solar Services: A Start to Finish Solar Experience
Interested in learning more about home solar? GVEC Solar services has grown into the most trusted provider of solar panel systems and solar information in communities across the Guadalupe Valley and beyond. We are proud to offer our start-to-finish turnkey solar solution to homeowners in Gonzales, Schertz, Cuero, La Vernia, Moulton, New Braunfels, Seguin and other areas throughout South Central Texas. To learn more, call us at 855.898.8807.