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Solar Energy Increases Property Value 4.6% in Florida

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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. 

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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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