They’re a bit pricey to install, but solar panels are worth the investment. Last April, the Lawrence Berkley National Laboratory released its findings of an eight-and-half-year study of the California real estate market. According to the report, existing homes that were retrofitted with solar panels sold for an average of $17,000 more than comparable homes without them.
They’ll also save you a lot of money over time. For example, a homeowner in Chicago who pays an average of $200 per month on electricity would spend more than $43,000 to have solar panels installed. After tax credits and rebates, the total cost would be just over $30,000. However, after just one year, that homeowner would save anywhere between $1,200 to $2,778 on electric bills. After 25 years, that savings could be as high as $116,560.