Solar Panel Installation And Property Value
You might not be satisfied with the fact that the installation of solar panels in your home will save you from the monthly payment of volatile electricity bills; this is why it is best to consider the study done by the Lawrence Berkeley National Lab (LBL). This lab report was titled “Selling into the sun: Price premium analysis of a multi-state dataset of solar homes.”
In this report, LBL considered the prices of homes sold within and outside of California in relation to the installation of solar panels in each home. This means that they tried finding out the prices of homes with solar panel installation and compared it with those without solar panel installation. This study considered over 20,000 properties, which cut across Florida, Connecticut, Massachusetts, North Carolina, Maryland, Pennsylvania, and New York.
In this report, LBL considered the prices of homes sold within and outside of California in relation to the installation of solar panels in each home. This means that they tried finding out the prices of homes with solar panel installation and compared it with those without solar panel installation. This study considered over 20,000 properties, which cut across Florida, Connecticut, Massachusetts, North Carolina, Maryland, Pennsylvania, and New York.
Home Sale Value
The national average of a 5-kilowatt solar system will offer up to 5,000 watts of power. Since the price of solar energy is compared to its power, one watt will cost an increase of $4 in home value in California and about $3 in the other states. This means that a property that uses about 5,000 watts of power will increase the value of up to $20,000 in California and $15,000 in other states within the country.
This price is similar to a brand new solar energy, and it is even more in some other states. The implication is that homeowners having solar panels installed in their property will at least get the installation money back when it is time to sell the building.
This price is similar to a brand new solar energy, and it is even more in some other states. The implication is that homeowners having solar panels installed in their property will at least get the installation money back when it is time to sell the building.
Other Interesting Reports
The other LLB reports indicated that solar retrofit installation had similar value with the solar system built into the home. This means that the solar premium for older properties was slightly higher than the newly-built ones.
The size of the solar PV also determined the amount being paid on each building. According to the report, the amount paid per watt was lower for properties with a larger solar PV system. This is because the buyers know that the intending seller will still make enough gain in the long run.
It is also important to note that this report only considered homeowners who own their solar panels. This means that nothing has been documented on homes using solar leases and those on other PPA programs.
With all of these in mind, it is best to begin considering the installation of solar panels in your property, so as to increase the value of your property and ultimately make a gain when it is time to resell.
