Consider green, a smart home improvement
| Considering a remodeling project to boost the value of your home? Before you drop $40,000 or more on a new kitchen or master bath, consider the newcomer on the renovation block: a rooftop solar-power system that not only will lower your overhead costs and insulate you from a volatile energy market but will likely add just as much to your home value over the long haul. The technology has come a long way in the past 30 years. And what’s starting to be good for contractors is looking sweet for homeowners too. For starters, today’s solar systems are far more efficient than their commercial predecessors, and most are warranted to last 25 years. |
|
Home systems are still rare, so their value is difficult to assess, but home appraisers follow this general rule of thumb: Half the gross cost can be recouped in the home sales price as soon as it is installed. True, that’s well below the recovery rates for kitchens and bathrooms (which range from 70 to 90 percent), but your kitchen doesn’t pay the power bills. And solar’s ability to lower energy costs also adds value. A study in Appraisal Journal found that for every utility-bill dollar saved annually because of an improvement, you gain $10 to $20 in property value. So if you can zero out a $1,000 annual electric tab by installing solar, you’ll get back $10,000 to $20,000 in home value.
search for : remodeling, solar-power
