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Solar Panels Add Value to Homes in Florida

 

home solar adds value to homesThe facts are in, again. Rooftop solar panels continue to add value to homes across the United States including Florida. According to a recent study commissioned by Lawrence Berkeley Labs and documented in a new report entitled, “Appraising Into The Sun: Six-State Solar Home Paired-Sale Analysis”, rooftop solar adds value to homes.

As part of the research study, seven appraisers were selected to analyze data, in order to provide appraisers, mortgage underwriters and sellers with a value determination when homes are being sold with solar panels on them. They were to take into account the real estate multiple listing service, the market itself and PV sales. The rapid growth of home solar panels is resulting in more real estate transactions where homes with solar panels are being sold.

Florida solar homes showed a price premium of 6.36% of the sales price or $3.45/watt of the installed PV system. The price at the time of the purchase of the PV system would have been approximately $3.55/watt after incentives based on average installed costs at the time. The Florida systems analyzed were also relatively new.

“These results will benefit appraisers, real estate agents, and mortgage lenders who increasingly encounter PV homes and need to understand the factors that contribute to, and detract from, market value,” says study co-author Ben Hoen, a researcher in the Energy Technologies Area of Berkeley Lab.

The end result in all of the markets was conclusive that solar homes with PV were consistently sold at a premium to those in the same market, with similar real estate profiles, that did not have solar. This provides conclusive evidence that the real estate market is responding to the value which home solar brings to the overall financial and environmental profile of home ownership. You can access the full report and presentation slides here.

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Frequently Asked Questions

Can FPL or my HOA prevent me from switching to solar?

The Florida Solar Rights Act is a law that forbids any entity—including homeowner associations—from prohibiting the installation of solar or other renewable energy devices on Florida buildings.

An association may require approval of a system installation and may establish restrictions for installations. However, any such restrictions must be reasonable, not arbitrary, and applied in a uniform manner for all association members. Also, any restrictions must not have the effect of impairing the performance, or increasing the cost, of a solar system.

In particular, a homeowner association may not prevent the installation of solar collectors on the roof of a home. The association may determine where on the roof the collectors may be installed, so long as the collectors face within 45 degrees of due south.

Finally, any requirement(s) that a system be screened from view by trees, fences, ground mounting racks, or a remote roof location that is hidden from the street, will generally violate the statute.

Click here to verify information is provided by the Florida Solar Energy Industry Association

Is solar free for Florida homeowners?
  • The sun is free to everyone.
  • Solar panels and specific back-up battery systems qualify for a number of rebates, tax credits and incentives.
  • There is a cost associated with solar energy because you are paying for your system. 
  • Financing enables homeowners to make the transition with $0 upfront costs
  • Systems often cost the same amount monthly as your current FPL bill
  • Solar puts equity in your home because you own the system and increases the value a minimum of 4.1% - click here for the Zillow case study

Does solar increase my home value?

Not only can adding solar panels to a home save energy costs and help the environment, it also can potentially increase a home’s value. In 2019 Zillow found that homes with solar energy systems sold for 4.1% more on average than comparable homes without solar power. For the median-valued home, that translates to an additional $9,274.

The sale premium varies substantially by market. In Riverside, Calif., for example, homes with solar-energy systems sold for 2.7% more than comparable homes without solar power—a markup of $9,926 for the median-valued home in the metro. In the greater New York City metro, solar-powered homes have a premium that is double that of Riverside. At 5.4%, that’s an extra $23,989 in value for the typical home in New York. In three other coastal metro areas—Los Angeles, San Francisco and Orlando, Fla.—homes with solar power can fetch a premium of around 4%.

Sun travels 91 million miles to power your home-1

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