SOLAR PANELS BOOST HOME RESALE VALUE
Did you know that installing solar panels can significantly increase the value of your property? According to a new study from the Lawrence Berkeley National Lab (LBL) called “Selling into the sun: Price premium analysis of a multi-state dataset of solar homes” rooftop solar adds significant value to U.S. homes across eight states.
Where does your state measure up in this study, and is this the trend in solar energy and the “must-have” list for home buyers? Let’s take a closer look at the findings of this study and see how solar panels can boost the resale value of your home.
Residential solar installations are reportedly well over one million by estimates as of early 2018. In the last ten years alone, there has been a 59% increase in installations. Therefore, it is reasonable that homeowners are curious if choosing solar energy panels will pay off when it comes time to sell. The answer is a resounding yes!
Several studies have been pointing in this direction and now a more thorough and recent study has shown this to be true and the trend in at least eight states.
The LBL study investigated home pricing trends in California, Connecticut, Florida, Massachusetts, Maryland, North Carolina, New York, and Pennsylvania by analyzing the sales of over 20,000 homes in these states.
The PV (photovoltaic) and non-PV homes were matched, resulting in a dataset of 18,871 non-PV homes (including 6,036 newly built homes) and 3,951 PV homes (including 1,444 newly built homes). All PV systems in this dataset were homeowner owned rather than leased.
The sample included homes no more expensive than $900,000. After exhaustive research of home sales with and without solar panels, compared by size, square footage, and other real estate variables, it was found that homes with solar panels sold for more than those without. The clear takeaway from the research was that solar panels really do add value to a home.
The next step in research is figuring out a method to measure just how much a solar energy system can increase the value of a home. With the ease of access to the installation, decreasing costs, and federal and state incentives, it is no wonder that solar is adding value to homes from California to Massachusetts.