As solar power continues to grow in popularity, there have been an increasing number of studies done to evaluate the benefits of using solar energy. If you’ve been wondering how installing a solar system may affect the value of your home, consider the following:
- A January 2015 study by the U.S. Department of Energy’s Lawrence Berkley Laboratory found that home buyers across various states and housing markets have consistently been willing to pay an average of $4 per watt of photovoltaic (PV) installed. This equates to about $15,000 for an average PV system.
- A second study in November 2015, also by the Lawrence Berkley Laboratory, examined a sample of home sales in California, Florida, Maryland, North Carolina, Oregon, and Pennsylvania. This study paired the recent sales of two comparable homes, one with PV systems and one without. In North Carolina in particular, they compared seven paired homes. Four of the PV home sales experienced less time on the market than their paired sale without PV. In the Raleigh metro area, the average appraisal premium for homes with PV was $11,229, which was 3.61% of the sale price of the home.
There’s never been a better time to add solar panels to your home. Fill out the form to the right to speak to one of our representatives about getting started!