Want To Increase Your Home Resale Value? Install Solar Panels
Are you looking to increase your home resale value? Install solar panels and you’ll not only add value to your home, but also save money on power bills.
According to a recent study conducted by the US Department of Energy’s Lawrence Berkeley Laboratory (Berkeley Lab), home buyers have consistently been willing to pay more money for homes with photovoltaic (PV) solar power systems. The study analyzed the sales of almost 22,000 homes in eight states from 1999 to 2013, almost 4,000 of which contained PV solar systems.
Solar Panels Add $15,000 Dollar Value To Homes, On Average
In fact, adding a PV solar panel system onto a home leads to an average resale premium of about $15,000 dollars.
Our findings should provide greater confidence that PV adds a quantifiable premium to a wide variety of homes in California and beyond.Sandra Adomatis, Co-Author
More than half a million U.S. homes had solar PV systems as of 2014, and the number is growing rapidly.
According to the Solar Energy Industries Association, there are now over 17,500 MW of cumulative solar electric capacity operating in the U.S., enough to power more than 3.5 million average American homes. With over 49,000 installations in Q3 2014, nearly 600,000 U.S. homes and businesses have now gone solar. A new solar project was installed every 3 minutes in 2014.
Decreasing Costs Driving Adoption Of Solar Powered Homes
In 2014, Texas installed 129 MW of solar electric capacity, ranking it 8th nationally.
The 330 MW of solar energy currently installed in Texas ranks the state 10th in the country in installed solar capacity. There is enough solar energy installed in the state to power 57,000 homes. Since the third quarter of 2010, the average price of a PV solar panel has dropped by 63%.
Recommended: The Cost Of Solar Power In Texas
Download the new 2015 report, “Selling into the Sun: Price Premium Analysis of a Multi-State Dataset of PV Homes”, as well as a fact sheets, and a summary slide deck here.