A new study investigated home pricing trends in various states, including California, and found that buyers are willing to pay more for a home with solar panels. The study analyzed 20,000 home sales in the states of California, Massachusetts, North Carolina, Connecticut, Florida, Maryland, New York and Pennsylvania.
According to the study, each watt of solar adds around $4 to a home’s value in California. Hence, a 5 kilowatt (kW) solar system (the national average) would add $20,000 more to a home’s value. In contrast, homes in other states garnered about $3 per watt, so a 5 kilowatt (kW) solar system would add about $15,000 in value.
This report proves that if you sold your home almost immediately after installing solar, you could recoup most or all your investment. The report also showed that the premium that buyers were willing to pay was not hugely affected by the size of the PV system, meaning that so long as the home had solar, they’d be willing to pay some sort of premium.
Mature solar markets like California have local real estate agents, lenders and appraisers that understand the value of solar. Having documentation such as electric bills and solar installation warranties are an added selling point, assuring buyers that the premium they’re paying is well worth it.
A solar power system is a great investment to reduce your future utility bills, it is also a great investment for the value of your home. If you are considering solar power, Aztec Solar is Sacramento’s leader in solar power technology and installation.
We believe that together we can create a brighter future and stronger planet. Our award-winning customer service representatives assist tens of thousands of customers each year. We offer in-house solar water heating, solar pool heating and solar electric experience for all applications. Read some of our testimonials and find out why Aztec Solar is the most trusted name in solar installation.
If you’re interested in solar installation, please contact us at 916-853-2700 to learn more.