Increase Your Home Value with Solar
Most people are well aware of the benefits of solar power – it provides clean, sustainable energy, gives you more control over your utility bills, saves you money on electricity, and can even make you money. But adding a solar power installation to your home has an unexpected benefit – it can also increase the value of your home.
Several studies over the last decade conclude that installing a solar power system on a home increases its value. This increase is often by a considerable margin over comparable homes without a solar power system.
Increased Value Outweighs cost of solar
A study by the U.S. Department of Energy’s Lawrence Berkeley National Laboratory (LBNL) found that California homes with solar power systems sold for a premium over comparable homes without solar. According to the study, homes that sold from 2000 to 2009 increased in value by an average of $5.50 per watt of solar power. This study concluded that the value added by the installation of the solar power system exceeded the costs of installing it, making it a wise investment into the home.
Sell Your Home for a Premium
A study conducted in 2011 by the National Bureau of Economic Research (NBER) looked into the effects of installing solar power on homes in the San Diego and Sacramento areas. The research found that a residential solar power system added 3-4% to the home’s value. This represented an increased value of over $22,000 for homeowners in the area at that time. Like the LBNL study, the NBER study also concluded that the cost of installing a solar power system was less than the increase in the home’s selling price.
A later study conducted by LBNL and Sandia National Laboratories further confirmed these results. The 2015 study looked at 22,000 home sales in eight states spanning from 1999 to 2013. The study showed that home buyers are consistently willing to pay premiums for homes with solar power across various states, housing markets, and solar markets. According to the research, home prices increased by around $4 per installed watt of solar power, or a premium of approximately $15,000 for a 3.6-kilowatt solar system.
Get the Best ROI in Solar
Not only will installing solar on your home will increase its value, making it a sound investment, but you will continue to save on energy costs for years to come.
We will work hard to ensure that you get the largest possible return on your investment in a solar power system for your home. From tax incentives to grants to benefits like net metering, we will make sure that you save the maximum amount possible. You can get started today by requesting an estimate for a solar power installation on your home.