Is Your Home Worth More Money With Solar Power?
One of our most frequently asked questions for residential solar installation projects in Missouri and Illinois is, “Will my home be worth more money with solar panels?”
Past research sponsored by the Department of Energy shows that real estate buyers are willing to pay more for homes with rooftop solar panels, which is important for any homeowner or potential buyer to discuss with their real estate agent in factoring the value of solar panels into home appraisals.
The study, conducted by the Lawrence Berkeley National Laboratory in California, examined sales data from almost 23,000 homes in eight states from 2002 to 2013. Researchers found that buyers were willing to pay a premium of $15,000 for a home with an average-size solar photovoltaic system (3.6 kilowatts), compared to a similar home without one.
This is great news for property owners who have already invested in solar power. However, real estate agents, appraisers, home buyers and sellers are still trying to catch up with the technology, in terms of calculating their effect on home values in both Missouri and Illinois. Fully owned solar power systems should always be factored into real estate appraisals. A leased solar power system is considered personal property and does not factor into the appraised value. If the system is not owned, it generally is not an asset for the property. This is an important factor for any prospective homebuyer or seller to keep in mind with any solar powered property.
When buying or selling a property with a solar power system installed, it’s important to consult with your professional real estate agent and solar company. We recommend working with your real estate agent in order to make sure your solar array is visible in your real estate listing through solar specific content, drone photography or even a drone video showcasing your solar array.
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Visit us on YouTube to see our latest solar installation videos featuring both residential and commercial solar installation projects in Missouri and Illinois.