The Effect of Solar Panels on Property Values

Interested in installing solar but unsure of how it will affect the resale value of your property? Every year, more and more people install solar panels in their homes, businesses, and community centers, and new research finds yet more reasons to invest in solar while you can. New findings show that buildings with solar panels have increased in property value by 4% on average, with cities like Austin, San Francisco, and New York City seeing property value increases as high as 6%. For a property that cost $800,000 that’s nearly a $50,000 increase in resale value for a solar array that probably cost half that. Real estate agents are finding that not a single building in the metropolitan United States has lost value as a result of installing solar panels, and homes with solar have been found to spend as much as half as much time on the market compared to non-solar homes. Solar installations, it seems, can only increase your home’s property values. These findings have been reported and independently confirmed by institutions like the US Department of Energy, the Appraisers Institute, Fannie Mae, and Ohio State University, and they all agree that solar can only help your property’s value. Home buyers are even willing to spend more on a solar home by as much as $4 a watt! 

So, what’s leading to the increased valuation of solar in the American real estate market? These groundbreaking findings are likely due to support from states like Massachusetts and New York, who incentivise green energy. Massachusetts, for example, offers generous incentives to help property owners see a quick return on investment, and Massachusetts, New York, and California all exclude solar panels as an amenity from state property taxes. This is further proof that solar is a prudent investment that pays for itself in no-time, and those looking to sell their homes in the next few years should strongly consider solar as a must-have amenity to fetch the highest possible value on their property. Because of solar’s aesthetic, commercial, and environmental appeal, millions of Americans have already installed solar in their homes, but the window for such great deals is closing fast. New solar systems will no-longer qualify for Massachusetts’ solar incentives at the end of 2019, so act fast if you are one of the many New Englanders interested in green energy, and take advantage of these deals while you can! 

Fortunately, Resonant Energy is here to help meet your solar needs before the sun sets on these incentive programs. Resonant Energy is New England’s leading solar provider for non-profits, and we specialize in making affordable solar available for non-profits, houses of worship, and everywhere in our communities. We help you every step of the way, from initial project proposals to installation and flipping the ‘on’ switch, and we offer diverse financing options for every budget. If you are interested in maximizing the value of your home with solar panels, find us at http://www.resonant.energy/ and reach out for a free quote before time runs out!



Bibliography

Begley, Jaclene. “Exploring the Influence of Solar Panels on Housing Values.” Fannie Mae, Dec. 2018, p. 11.

“Do Solar Panels Increase or Decrease Home Value?” Direct Energy, 16 Mar. 2016, https://www.directenergy.com/blog/solar-panels-help-hurt-resale-value-home/.

Gassett, Bill. “Understanding Solar Power When Selling or Buying a Home.” Massachusetts Real Estate Exposure, 15 Aug. 2016, https://www.maxrealestateexposure.com/solar-power-selling-buying-home/.

Grenvik, John. “Do Solar Panels Increase Home Value?” Wholesale Solar Blog, 27 Apr. 2018, https://www.wholesalesolar.com/blog/do-solar-panels-increase-home-value/.

Lower, Edited by Brian H., et al. “5.3 The Effect of Solar Photovoltaic Panels on Residential Sale Price.” Environmental ScienceBites Volume 2, The Ohio State University. ohiostate.pressbooks.pub, https://ohiostate.pressbooks.pub/sciencebitesvolume2/chapter/5-3-the-effect-of-solar-photovoltaic-panels-on-residential-sale-price/. Accessed 10 July 2019.

Mishkin, Shaina. “Here’s How Much Adding Solar Panels Will Boost Your Home’s Value.” Money, http://money.com/money/5642057/home-value-solar-panels/. Accessed 9 July 2019.

Prevost, Lisa. “Appraising Solar Energy’s Value.” The New York Times, 20 Feb. 2015. NYTimes.com, https://www.nytimes.com/2015/02/22/realestate/solar-panels-and-home-values.html.

“Solar Homes Sell for a Premium.” Energy.Gov, https://www.energy.gov/eere/solar/downloads/solar-homes-sell-premium. Accessed 9 July 2019.

Solar Panels Increase Home & Property Value | EnergySage. https://www.energysage.com/solar/why-go-solar/increased-property-values/. Accessed 9 July 2019.

Youngren, Marjorie. “Ask the Realtor: How Do Solar Panels Affect a Home’s Resale Value? - Ask the Expert, Buying.” Boston.Com Real Estate, 25 Oct. 2017, http://realestate.boston.com/buying/2017/10/25/ask-realtor-solar-panels-affect-homes-resale-value/.