Do Solar Panels Increase Home Value?
January 28 2021
One of the questions we get asked the most is this: Do solar panels increase home value? Solar isn't necessarily cheap and the future is unknown. There’s always a possibility that you could move houses after installing solar panels.
Solar is a long term investment, so what happens if you aren’t there to take advantage? Luckily, solar panels and home value are correlated.
If you’re curious about whether or not solar panels increase home value, we’ve got the details. Here’s exactly what to expect from solar home value.
Solar Panels and Home Value
The short answer to the question “Do solar panels increase home value?” is yes… probably. Multiple studies have shown a positive correlation between solar panels and home value. Of course, there are other factors that play a role.
For instance, where are you located? Certain studies show that in California, home values increase by about four percent when they have solar panels installed. This percentage was similar in other states with established solar markets.
One 2015 study by Berkeley Lab gathered information on the sales of solar-equipped homes in eight states over 11 years. The study found that buyers were willing to pay about $4 per watt of PV installed. That means a standard 6-kilowatt system would add $24,000 to your home’s resale value.
While there seems to be a strong correlation between solar panels and home value, there’s also evidence that this added value only applies if you own the system. If you install your system with a lease or PPA, you don’t own it. Therefore, the solar home value is lost.
In the case of a lease or PPA, your system is rented from a third-party owner. There is a huge benefit to owning your system. Luckily, solar tax incentives and decreasing solar prices can help you do that.
Increasing Solar Home Value
Owning your home solar system is the best way to reap all of the benefits it has to offer. This is possible with affordable solar installation.
To find a high-quality solar installer that fits your budget, turn to Greenlife Solar. We offer free price quotes on leading solar installation companies nationwide.
Just give us a little information about your specific location and needs here and we’ll collect all of your options for you. Browse companies online to find the best deal before you commit.
