New studies have come out with data showing that buyers will pay more for homes with rooftop solar panels and they’re buying them faster than equivalent houses without a solar system.
The Department of Energy recently came out with a study, conducted by the Lawrence Berkeley National Laboratory in California, illustrating that solar panels increase home value. They looked into over 23,000 homes in eight states (one of which was Florida!) between 2002 and 2013. Of that number, 4,000 of the homes had solar PV systems, all of which were owned outright.
Researchers found that buyers were ready to pay a premium of $15,000 for a home with an average-sized solar system of 3.6 kilowatts or 3,600 watts, compared to a similar home without one. Put differently, this means that they were willing to pay four additional dollars per watt of solar power.
This is largely significant if you are looking to invest in solar or have already made the switch to solar. Solar panels will affect the selling price of your home. Think of them like hardwood floors, new fixtures, or any other upgrade that you’d invest in before your home gets put on the market. The difference is that, unlike fixtures or kitchen upgrades, solar panels pay you back every month!
Switching to solar is a long-term investment but this study largely reduces the financial risks associated with going solar. If you’re concerned that getting rooftop solar panels might not financially pay off before you and your family move, take a moment to think about the premium they’ll accrue when your home is put up for sale. According to these studies, your solar panels would effectively pay for themselves with that premium! Keeping that in mind, with the additional savings you’ll amass just through energy savings, you’ll be able to set aside a bundle of money from day one.
Further, solar homes are selling faster and people want them more than non-solar homes. In a separate study, done by the National Renewable Energy Laboratory (NREL), solar homes sold 20% faster, for 17% more than their equivalent that did not have a solar system.
This 2003 study was conducted across several residential subdivisions in California. When PV panels were put on half the homes in a development, all of them sold within a year (20% faster than their non-solar counterparts)) and they sold for as much as $600,000 though they were priced at $380,000 to $500,000.
Houses with solar sell for more. Back when non-solar homes were appreciating at a rate of 33%, solar homes were appreciating 55%! That translated into a 17% higher sales price for the homes with a solar system compared to those without one!
This research strongly suggests that sustainable features may largely factor into valuing home appraisals but real estate agents, appraisers, and lenders are still trying to catch up with factoring in the value of PV technology. Here at Superior Solar, we’ll be able to help you figure out how much your home is worth with or without solar energy. We can also provide your realtor and appraiser all the information they need to properly value your home. Call us at 407.331.9077 or contact us online to get more information and find out how you can profit off of and save with a solar system.
Topics: Solar Electric