Increase the Value of Your Home
You’ve probably heard about how much money you’ll save when you go solar. Your utility bill will go down immediately.
You don’t just save money, you make it. Rooftop solar will actually increase the value of your home.
Studies have been done on how quickly and for how much solar homes sell in the U.S.A. The results are great news for solar homeowners:
- In April 2011 the Lawrence Berkeley National Laboratory compared sales of California homes with and without rooftop solar, over a span of 8.5 years. Their study found that solar homes did indeed sell for a premium. For a typical 3.1 kilowatt system, the Berkeley study calculated a $17,000 boost in the sale price of your home. For a larger 5-kilowatt system, the figure was $27,000.
- In July 2011, the National Bureau of Economic Research published a study of sale prices of solar homes in California’s San Diego and Sacramento counties. This study found that solar panels added an average of 3.5 percent to the resale value of a home. This lines up with the previous study, showing an average US$19,000 increase in value for a US$500,000 home with a 5-kilowatt solar system.
True, California is one of the earliest solar markets in the U.S., with a sunny climate. Yet outside of California, the trend holds true:
- In 2013, the Colorado Energy Office published a report on sales of 30 solar homes in and around Denver with home values ranging from $200,000 to $680,000.
- The homes all sold between January 2011 and May 2013.
- The solar panels added between US$1,400 and US$2,600 per kilowatt to the value of the home – and shortened the time those houses spent on the market. Taking the average of $2,000 per kilowatt, and an average of 4.25 kilowatts per system, the average solar house sold for $8,500 more than a similar non-solar home.
