Solar panels are good for the environment, but are they good for the value of your home? A new study suggests the answer is yes, although it depends on where you live whether that’s enough to actually cover the costs of the panels. Unless you live in Santee or somewhere where you constantly run AC power, it’s not worth it if you want to relocate in the next few years. It is important that these costs are typical for solar buyers who compare solar offerings on the EnergySage Marketplace. A higher down payment or looking for a solar loan with a low interest rate can significantly lower your costs.
Their results showed a 3.74% increase in the average selling price for homes with solar PV systems. For example, Long Island’s high energy prices were a boon for the solar market there. The area has about 40% of all solar systems in New York. The exact number of solar panels you need depends on your household’s energy needs and the average daily sunlight your roof is exposed to. If you only need panels, your system is far cheaper than if you also need solar batteries or an electric vehicle charger.
Numerous research articles provide compelling data on how adding solar panels can increase the value of your home. However, these larger solar systems will still have higher overall costs as they consist of more individual modules. Solar PV systems are a great idea to improve the environment, lower your electricity costs, and protect yourself from continuous electricity rate increases. The LBNL study finds that the depreciation of aging solar systems may reduce the value added to the home during assessment.
The impact that solar energy contributes to the value of the property can be affected by electricity costs and areas with active solar incentive programs. Installing solar panels on the roof of your home will improve your home in a number of ways, especially in two ways. There is data that indicates that solar panels generally increase the selling price of homes in Southern California by 2.5-3.5% (the national average is ~ 4%). Another study, An Analysis of Solar Home Paired Sales Across Six States published in Appraisal Journal — the nation’s largest professional association of real estate appraisers — found similar results.