Do Solar Panels Increase Home Value in Florida? [Your Questions Answered]
News / Do Solar Panels Increase Home Value in Florida? [Your Questions Answered]
Wondering whether solar panels will add value to your house in the Sunshine State? The answer is a resounding yes, and we’re diving deeper into how solar panels increase home value in Florida.
Is It Worth It to Go Solar in Florida?
Yes! Although the initial investment to set up solar panels is substantial for most homeowners, it’s still worthwhile to go solar.
Florida is known as the Sunshine State because it’s abundantly sunny year-round. Located in the country’s southeast quadrant, it has more hours of sunlight during the winter than states in the northeast quadrant.
The state enjoys 4.25 peak sun hours, which refers to the average amount and intensity of sunlight reaching a specific area. The greater the number of peak sun hours, the greater the output of the solar panel system will be.
In addition to the number of direct hours of daily sunlight the location gets, the climate also affects Florida’s viability for solar energy systems. Its long, humid summers and mild winters result in plenty of sunny days rather than cloudy ones. Florida homeowners can use solar panels to convert sunshine into energy and reduce utility bills.
Average Cost of Solar Panels for a Home in Florida
Homeowners who want to know if solar panels increase home value in Florida should know how much it costs to install them.
The average installation cost ranges from $11,000 to $15,000. However, your exact cost will depend on several factors, such as the size of the system, the type of panels used, and other equipment. Remember that the federal tax credit and local incentives can further reduce total costs.
How Do Solar Panels Add Value to Your Home?
As a homeowner, you want to know: how do solar panels add value to your home in Florida, and by how much?
A solar panel installation is one home upgrade that offers a lot of benefits, including:
- Cost Savings: A solar PV system cuts power expenses by meeting some of your household’s energy needs. Also, Florida’s net metering programs let you sell excess energy, earning credits to offset consumption. And since a solar array has an average lifespan of over 25 years, you will save a lot of money in the long run.
- Reduced Carbon Footprint: Going solar reduces your carbon footprint because you use clean energy to power your home. It allows you to reduce your reliance on the public grid and offset some of your consumption by sending back excess power.
- Higher Property Value: Solar-powered homes sell for more than homes without solar energy systems in place. Home buyers will pay a premium for residences with solar energy systems because of the potential for long-term savings.
How Much Do Solar Panels Add to Appraisal?
If you want to know how much solar panels increase home value in Florida, several studies cover this data. Below is a comparison of homes with and without a solar energy system.
According to Zillow, the median home value in Miami is $556,582. But when you add an average-sized solar panel system to your home, its market value may increase by up to $15,000, based on data gathered by the Office of Energy Efficiency and Renewable Energy.
The median listing price for a house in Tampa is $420,000. However, the value of a home goes up by about $20 for every $1 cut in annual utility costs. A Tampa, FL, home with an annual savings of $200 per month could add $40,000 or more to its selling price.
The average sold price of a home in Orlando is $369,000. But since houses with solar energy systems sold for 4.1% more than the average national home prices, according to a 2019 Zillow study, adding such a system to your home could increase its value.
According to Realtor, the median home price is $320,000. Based on the study of independent appraisers, solar panels can add an average of $3.78 per watt to home value. With this information, a Jacksonville, FL, home can increase its value by $18,900 with a 5-kW solar array system in place.
In the city of Tallahassee, the average list price for a home is $300,000. However, a residence with a 5-kW solar panel system can have an appraisal value of $318,900 based on the per-watt increase in value mentioned above.
Increase the Value of Your Home Today
The answer to the common question, do solar panels increase home value in Florida, is yes, especially when you partner with a leading solar installation company like Current Home. If you’re a homeowner, contact us to learn how to get the most out of your solar panels for the best value.
We build the system and offer recommendations for increasing your home’s valuation, helping you maximize your investment. Get started today by reaching out to one of our Florida representatives.