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Home Value and Solar Energy Systems

 

This is one of the main considerations homeowners have when deliberating whether to install solar energy systems or not. The Ernest Orlando Lawrence Berkeley National Laboratory hoped to clear up some of the confusion in an April 2011 report titled, “An Analysis of the Effects of Residential Photovoltaic Energy Systems on Home Sales Prices in California.” Researchers looked at homes sold from 2000 through 2009 to see whether the resale value was affected by solar energy systems. They found, in a nutshell, YES… solar energy systems DO increase home values. Let’s take a look at some of the more detailed findings, though.

On average, a California home with a 3,100 watt solar energy system adds a $17,000 premium to the property.  

Why Do Homes With Solar Energy Systems Cost More?

1.       Homeowners are willing to pay more initially if their “carrying costs” (utility bills) are much lower.

2.       Homeowners are willing to pay for the social status of having progressive solar energy systems.

Who Recoups More With Solar Energy Systems – New Builders or Private Sellers?

Interestingly enough, researchers found that individual sellers recoup more of their solar energy systems’ costs because they’re not afraid to charge more. On the other hand, builders may earn their reputation by differentiating themselves as a “green” builder, so they are less likely to charge a premium. Instead, they build energy efficiency into their basic business model to meet with increasing customer standards.

Retrofitted California homes paid $5/watt more for the privilege of having a solar-powered home, while NEW construction homes with solar energy systems only paid $4/watt more because energy efficiency is rapidly becoming the norm.

How Popular Are Solar Energy Systems In California?

·         California is the ideal state for solar energy systems with 200+ days of sunshine per year.

·         In 2010, 880 megawatts of solar energy systems were installed and connected to the grid.

·         30 percent of the solar energy systems in California is residential.

·         California is the nation’s leader in solar installations with 100,000 solar energy systems installed.

·         There is still another 1,000 megawatts of capacity in the state.

·         Alameda, Contra Costa, Los Angeles, Placer, Riverside, Sacramento and Santa Clara have the most solar energy systems.

Why Do People Go Solar?

Most California owners of solar energy systems say they decided to “go solar” so they could reduce high electricity bills. Others wanted to increase the market value of their homes. Generally speaking, Californians as a whole really care about their environment as well, so many homeowners are looking to buy solar energy systems to protect the planet, cut down on fossil fuel consumption, reduce global warming and keep toxins out of our atmosphere. 

 

·         Traditional homes sold for $584,740 on average. Solar energy systems homes sold for $660,222.

·         Traditional homes depreciated 1.4% on average. Solar energy systems homes appreciated 3.2%.

 


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