Until recently, the number of US homes with solar was too small to tell what impact installed solar has had on home resales. Now there are enough homes with solar to see a distinct pattern.
Solar homes appreciated 20% more, and sold 17% faster than non-solar homes
In a comprehensive study analyzing real estate and solar, the National Renewable Energy Laboratory in Golden, Colorado, recently found that homes with solar appreciated 20% more and sold 17% faster than non-solar homes. NREL did exhaustive interviews with home buyers and found that if available homes already had solar installed, buyers were more likely to purchase a solar home.
Source: Technical Report NREL/TP-550-38304-01
Installed solar power adds $5.50 per watt to the resale value of homes:
In a recent study, the Department of Energy’s Lawrence Berkeley National Laboratory in Berkeley, California, found that installed solar increased home resale value. The average increase in value was about the same as the cost of the solar electric system. The authors calculated that, on average, photovoltaic systems add about $5.50 per watt to a home’s resale value. In California, the average solar electric system is approximately 3.1 kilowatts. So the owner of an average sized system in California stands to make an extra $17,000 above the cost of a comparable, non-solar home.
“We find compelling evidence that solar PV systems in California have boosted home sales prices,” says the lead author Ben Hoen, a researcher at the Berkeley Lab. “These average sales price premiums appear to be comparable with the average investment that homeowners have made to install PV systems in California, and of course homeowners also benefit from energy bill savings after PV system installation and prior to home sale.”