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Homes With Solar Panels Sell for 4.1% More
https://www.zillow.com/research/solar-panels-house-sell-more-23798/Homes With Solar Panels Sell for 4.1% More
By Sarah Mikhitarian on Apr. 16, 2019
Not only can adding solar panels to a home save energy costs and help the environment, it also can potentially increase a home’s value. During the past year, homes with solar-energy systems sold for 4.1% more on average than comparable homes without solar power. For the median-valued home, that translates to an additional $9,274.
The sale premium varies substantially by market. In Riverside, Calif., for example, homes with solar-energy systems sold for 2.7% more than comparable homes without solar power—a markup of $9,926 for the median-valued home in the metro. In the greater New York City metro, solar-powered homes have a premium that is double that of Riverside. At 5.4%, that’s an extra $23,989 in value for the typical home in New York.
In three other coastal metro areas—Los Angeles, San Francisco and Orlando, Fla.—homes with solar power can fetch a premium of around 4%.
…
One reason houses with solar-energy systems sell for more than those without them is because they can provide substantial future energy cost savings. For homeowners who know they consume a lot of power, these future savings are worth spending a bit more money up front. It is also possible that homes with solar-energy systems are more likely to have other features that are hard to measure yet valuable, like heated floors, which could contribute to the premium associated with solar power.
…
By Sarah Mikhitarian on Apr. 16, 2019
Not only can adding solar panels to a home save energy costs and help the environment, it also can potentially increase a home’s value. During the past year, homes with solar-energy systems sold for 4.1% more on average than comparable homes without solar power. For the median-valued home, that translates to an additional $9,274.
The sale premium varies substantially by market. In Riverside, Calif., for example, homes with solar-energy systems sold for 2.7% more than comparable homes without solar power—a markup of $9,926 for the median-valued home in the metro. In the greater New York City metro, solar-powered homes have a premium that is double that of Riverside. At 5.4%, that’s an extra $23,989 in value for the typical home in New York.
In three other coastal metro areas—Los Angeles, San Francisco and Orlando, Fla.—homes with solar power can fetch a premium of around 4%.
…
One reason houses with solar-energy systems sell for more than those without them is because they can provide substantial future energy cost savings. For homeowners who know they consume a lot of power, these future savings are worth spending a bit more money up front. It is also possible that homes with solar-energy systems are more likely to have other features that are hard to measure yet valuable, like heated floors, which could contribute to the premium associated with solar power.
…
