Increase the Value of Your Home and Sell Your Home Faster by Adding Solar Power
A solar power system is a great investment for your home. Not only do solar panels increase the resale value of both new and old homes, but they can also help homes sell faster. Recent research provides some detailed evidence.
Lawrence Berkeley National Laboratory Study
A recent report released in April 2011 by the Lawrence Berkeley National Laboratory found that solar increases the resale value of both new and old homes.
Researchers compared the prices of about 2,000 solar homes sold in California between 2000 and 2009 to those of 70,000 comparable homes without solar power.
On average, a home solar system added about $5.50 per watt to a home's resale value. (A 3.1-kilowatt solar system can add around $17,000 to the home's value).
On existing homes, solar panels increased resale value by more than $6 per watt.
On new homes with solar pre-installed, solar panels increased resale value by around $2.30 to $2.60 per watt to the sale price.
ICF Consulting Study
Another set of research condusted by ICF Consulting found that saving $1,000 per year on energy costs can add $20,000 to a home's resale value. Because energy savings increase as electricity prices rise, the value of a residential solar system also appreciates over time.