Here’s good news for homeowners with photovoltaic systems – your home’s value is greater because of them! According to a new study by Lawrence Berkeley National Laboratory, homes with solar systems sell for a premium compared to homes that don’t have them. The study looked at home sales from 2000-2009 and contrasted the sale price of homes with solar systems and without. On average, PV systems added $5.50 per watt to a home’s value. So with a 1 kW system, a home is worth about $5,500 more – another great reason to install solar on your house!
LBNL, who regularly releases reports on the state of renewable energy, completed a new study earlier this year entitled “An Analysis of the Effects of Residential Photovoltaic Energy Systems on Home Sales Prices in California”. The report studied home sales in California from 2000-2009, comparing 2,000 homes with solar PV to 70,000 homes without. Results revealed that on average, homes with PV systems sold for a premium of $5.5 per watt installed. For existing homes, this number increased to more than $6 per watt and for new homes, it added $2.30 to $2.60 per watt to the sale price. SunRun, a home solar service company based in California, created this awesome infographic to help explain the study’s results.
What’s even more incredible is that the study also suggests that the premium is comparable to the installed cost of the system, which means you basically recoup all of the cost of the system in the sale of the home. Win and win! This is great news for homeowners who have already installed solar systems, but also a good kick in the pants for those considering getting in on the renewable action. There’s no time like the present and you can be confident that the system will pay for itself.
Via + Jetson Green