Boost home value by 3-4 per cent by building a solar panel system
Multiple studies have shown that houses with solar panel systems are priced and sold at prices above comparable homes in their area. Early studies based on existing solar markets, such as California, found that home prices increase by four percent or more when homes are equipped with solar panels. Lawrence Berkeley National Laboratory, a research laboratory associated with the Department of Energy, continues to broaden this work as solar energy expands throughout the U.S.
The Lab's 2015 Selling Through the Sun study examined sales of solar-equipped homes in eight different states over 11 years with the goal of evaluating how much solar value contributes to the selling price of the house. Key finding: on average, homebuyers are "consistently willing to pay PV home premiums" of about $4 per watt of installed solar power (note: this study only covered homes where the solar PV system was purchased, not leased). On a typical 6-kilowatt solar PV system, this ensures that the solar panel will add $24,000 to your home's resale value.
Would you increasing the value of your property if you lease your solar panels?
The installation of solar panels on your home will increase its value, but only if you own the device. When you install a solar panel system on a lease or PPA, you are effectively "renting" it from the owner of a third party. Since you do not own the machine, it can not be included in the value appraisal of your house. Many research on solar and home prices rely solely on proprietary solar energy systems.
Many of the same factors that drive the total financial returns are also causing an rise in property prices. Not surprisingly, the largest rise is in areas where electricity prices are high and strong solar incentive programs exist. All of this is fantastic news for owners of solar PV systems: not only do they recover the initial costs of their systems when they sell, but they also earn a bonus that will increase their return on investment.
Recognizing that solar energy systems add value to a land, the real estate industry is working to develop more advanced methods for the accurate calculation of the market value of solar energy as well as the financial value of solar-powered properties.
