The Department of Energy sought to answer this question, due to the rising interest in solar panels across the United States. So they sponsored a study by the famous Lawrence Berkeley National Laboratory to find out the answer. As reported by The New York Times in 2015, the study demonstrated quite clearly that a photovoltaic (PV) energy installation raises a home’s value.
How Much Increase Can You Expect?
The study examined the sales of about 23,000 homes in eight different states, including California. The average PV system led to an increase in home value of approximately $15,000! To narrow down the value of the increase even further, for every watt of solar energy produced, the home value goes up by about $4.
Adding to the Incentives
While leased systems may also add value to a home, appraisers are generally instructed to only look at solar panels that are owned outright when adjusting their estimates. This gives you an additional incentive to buy or finance a solar system installation. When you consider that purchasing a system also nets the homeowner significant tax advantages (and in many municipalities additional rebates), the bump in a home’s appraisal is one more good reason to invest in solar panels.
For more information about adding solar panels to your home, contact Solaron of Sacramento at 916-631-9293.