Many homeowners often worry that solar panels will not increase their property value—or worse—will make it decline. Numerous studies on the impact of solar panels on property values have determined that this is not the case, however.
How Much Will Solar Panels Improve My Property Value?
A recent study by Wells Fargo Bank and the Journal of Appraisers stated that adding a residential solar electric system adds value at a rate of 20-to-1 of the savings in utility savings. This increases the value of a home by 3-4 percent.
Other studies have shown property values can actually increase even more! The impact on property values can vary considerably by the part of the country you live in. In our area, Southern California, homes with solar and energy efficiency upgrades are highly sought after and command a premium on the home market. In addition to being worth more than comparable homes without solar electric systems, they sell faster!
In fact, the National Renewable Energy Laboratory found that homes with solar power sold faster than to the equivalent of homes without.
Can I Calculate How Much Solar Panels Will Increase my Property Value?
Absolutely. There are a number of great, free, tools available online that allow you to quickly and easily calculate potential property value increases from installing a solar photovoltaic system on your home.
We like http://pvvalue.com. This website is run by Sandia National Laboratories, a multi-program laboratory managed and operated by Sandia Corporation, a wholly owned subsidiary of Lockheed Martin Corporation, for the U.S. Department of Energy’s National Nuclear Security Administration.
Simply register to download their PV Value tool in excel form and fill in the necessary information to determine the impact a solar electric system may have on your property values.
Want to Learn More About Solar in San Diego?
If you are considering installing solar and want to learn more about solar installation in San Diego and the surrounding area for your home or business, give us a call or contact us on the web. Our solar experts can discuss the options that are available to you, assess your home’s solar potential, and even provide you with production and return on investment estimates!