You may already know that adding solar panels to your home could help you save on energy costs and help the environment, but did you realize how much it can increase your home’s value?
The National Bureau of Economic Research (NBER) recently released an analysis that found solar panels add between 3 percent and 4 percent to the value of a home. During the past year, homes with solar-energy systems sold for an average 4.1% more than comparable homes without solar power. But the news gets even better…
According to Zillow, homes in Florida with solar systems sell for an average of 4.6% more! (That’s more than the national average!)
Several studies have shown that homes with purchased solar panel systems (not rented panels) are valued and sold at prices well above similar homes in the same area.
The Lawrence Berkeley National Laboratory, a research laboratory affiliated with the Department of Energy analyzed sales of solar-equipped homes in eight different states over 11 years with the goal of determining just how much value solar adds to a home’s sale price.
The key finding?
Homebuyers are “consistently willing to pay PV home premiums” of approximately $4 per watt of installed solar capacity. For a standard 6-kilowatt solar PV system, this means that solar can add $24,000 to your home’s resale value.
People prefer to buy homes with solar systems. In fact, more than 80% of home buyers say energy-efficient features are important.
Why do houses with solar-energy systems sell for more than those without them? It’s simple. It’s because they can provide substantial future energy cost savings for the new homeowner who believes these future savings are worth spending a bit more money up front.