New research sponsored by the Department of Energy shows buyers are willing to pay more for homes with rooftop solar panels. This was true for solar systems that are owned as opposed to being leased. The study, conducted by the Lawrence Berkeley National Laboratory in California, examined 23,000 homes in eight states from 2002 to 2013. Researchers found that buyers were willing to pay a premium of $15,000 for a home with the average size solar system of 3.6 kilowatts. Put another way, this is about four additional dollars per watt of solar power. On average, this is roughly 17% of added value to a home.
So if you are worried that you may not stay in your home long enough to justify the cost of solar, don’t worry!Your new homebuyer will happily pay extra for your solar system, and your home will sell faster than homes without solar. Imagine a homebuyer knowing they won’t have a power bill.
Homes with solar sell 20% faster
The National Renewable Energy Laboratory (NREL) conducted a study that found homes with solar systems sold 20% faster over homes without solar. Higher home values and faster sales times makes solar a smart long AND short-term investment. So if you are worried about moving in a few years, you may find that solar helps increase home value and sales time like a good kitchen remodel.
- A New Market Paradigm for Zero-Energy Homes (NREL) http://www.nrel.gov/docs/fy07osti/38304-01.pdf
- A Bright Spot for Solar: Berkeley Lab Study Finds that Photovoltaic Systems Boost the Sales Price of California Homes (Berkeley Lab) http://newscenter.lbl.gov/2011/04/21/bright-spot-for-solar/
- Solar Industry Data (SEIA) http://www.seia.org/research-resources/solar-industry-data