Will Solar Increase My Home’s Value?
Does it pay off?
Yes, absolutely! Studies have found that solar photo-voltaic panels will increase the value of your home. Home buyers are “consistently willing to pay PV home premiums.” How much they will spend depends on a variety of factors. Climate, location, local adoption, panel performance, panel age, and your ability to show the numbers will have an impact. Appraisers have a much easier time quantifying the value of your system when they are handed reliable data.
The average increase in home value with solar is between $2,500 – $5,000 per Kilowatt installed. That’s a wide range, but enough to be confident that your home’s value will increase when you strap a power plant on your roof. In areas where these systems are more common (like California), you’ll be on the top end of this range. Places like Oklahoma and Arkansas (#49 and 50 for adoption in the US) will likely net you lower than the above estimate. Even in those areas, don’t let these numbers deter you. There are many other financial benefits that help the investment pay off. With tax credits, local incentives, daily energy creation, and the benefit of carbon savings, solar is still a big win in any area.
For more info on appraising homes with Solar PV, see blog “Will my home appraise for more money with Solar?”
*Selling Into the Sun: http://bit.ly/SellingIntoTheSun