Tennessee is a prime location for solar panels. With mild weather and plentiful sunshine, those in the Volunteer State can harness the power of the sun better than many states in the U.S.
Apart from potentially saving on your electric bills and lowering your carbon footprint, there’s another potential major benefit of installing solar panels on your home — an increase in your home’s value.
Let’s discuss how much you can potentially expect to add to your home’s value when you install solar panels.
How Much Value Do Solar Panels Add To Your Home in Tennessee?
A 2019 study performed by Zillow found that, on average, solar panels add 4.1% to a home’s value. For a $300,000 home, that’s about $12,000!
The report notes that the exact amount that solar panels could add to your home’s value varies based on your location. Metropolitan areas like New York and San Francisco tend to see the most value-added, but homeowners in smaller cities like Knoxville should still see their home value increase.
It’s important to note that it’s extremely rare for solar panels to decrease your home’s value. That’s because they’re an upgrade similar to energy-efficient windows and appliances. And like those upgrades, buyers may be willing to pay a little extra.
The Cost of Solar Panels in Tennessee
The price of a solar array (a group of solar panels that power your home) varies based on your electric usage. Homes that use more electricity need more panels to meet their needs, while homeowners who are conservative with their energy use can make do with fewer panels.
If you are concerned about the price of solar panels, there are a few important things to know.
When you install a solar array on your home, you can potentially take advantage of a federal tax credit of up to 26% on the purchase price of your solar system. That credit falls to 22% in 2023 before vanishing altogether for homeowners in 2024.
To make solar power more accessible, Pink Energy offers financing for qualified buyers through its financing partners, and we’re proud to offer a discount to veterans, active-duty military, and members of the reserves.
More Benefits of Solar Panels
If the added home value isn’t enough to persuade you to install solar panels, here are a few more benefits:
- Possibly reduce electric bills
- Lower carbon footprint with fewer greenhouse gases released into the atmosphere
- Reduces dependence on nonrenewable resources
- Helps you gain more independence from the grid
- Solar panels with a battery backup system provide reliable backup power for your home
Add Solar to Your Knoxville Home And Save Energy
If you’re ready to potentially lower your electric bills, boost your home’s value, and do good for the environment, it’s time to consider solar. Get started by requesting a free quote.