Property Value Increase
Installing solar panels can significantly increase your property’s value, according to a new study from the Lawrence Berkeley National Lab (LBL). The report, titled Selling into The Sun: Price Premium Analysis of a Multi-State Dataset of Solar Homes, builds on previous research which concluded that homes with solar panels sold for more than those without.
If you are thinking about purchasing a solar system for your home, the study’s conclusions should give you a boost of confidence that you are making a smart investment. LBL finds that homes with solar panels will benefit from a ‘solar premium’ when they are sold because buyers are willing to pay more for a home with solar panels.
Example: a 9 kilowatt (kW) solar energy system (Arizona average) will offer 9,000 watts (W) of power. LBL says that each watt of solar adds about $3-$4 to a home’s value. Thus, a home with solar should sell for more money than a comparable home.
Example of property value increase (9kW home):
- $3 x 9,000 watts = $27,000 property value increase
- $4 x 9,000 watts = $36,000 property value increase
Specifically, in this analysis, prospective buyers wondering if solar panels increase home value were pleasantly surprised. What is surprising about these figures is that they are very close to what you would pay for a brand new solar system today. Our own analysis of prices for 9kW solar systems reveals that the average price for a new solar energy was $3.60/W. Bear in mind that these prices are what you would pay before you take into account the generous 30% federal tax incentive that is available through 2019.
Let Maxam Solar provide a FREE solar analysis and show how much money you could be saving by going solar. There are NO commitments, NO obligations and NO pressure from a salesperson. Keep in mind, you can go solar with NO MONEY OUT OF POCKET. Email us to get started.