Solar Panels

[John C S.]

Hi all I have a question about solar panels. Do they add value to your home. Also if a lot of houses in my area are starting to convert to solar would it be a smart move to jump on the band wagon. Thanks I appreciate your input.   

[Peter MacKercher]

I'd love to have some appraisers chime in on this one because no one in our area seems to know how to evaluate homes with solar panels. I have them on my house and save about $200 per month in electric.

My thoughts are, if your house is valued at $500,000 then the same house with solar panels saving $200 a month in electric should bring the value of your panels to $541,900. 

With the current interest rate of 4%, $41,900 comes to $200.04 a month that you can put towards the mortgage. Since the house with solar panels is saving money that you could put toward your mortgage (or whatever else), that's clearly added value. Maybe that's odd math/words to explain my thoughts, though.

If many houses in your area have solar panels, especially with trends towards sustainability, then it's certainly something you should consider.