How do solar panels affect the value of a home? This article from The New York Times highlights a study conducted by the Lawrence Berkeley National Laboratory in California, finding that buyers are willing to pay more for homes with rooftop solar panels.
The new research, sponsored by the Department of Energy, may strengthen the case for factoring the value of sustainable features into home appraisals. Researchers found that buyers were willing to pay a premium of $15,000 for a home with the average-size solar photovoltaic system (3.6 kilowatts, or 3,600 watts), compared with a similar home without one. Put another way, that translates to about four additional dollars per watt of solar power.
More homeowners have been installing these systems as the cost of solar technology has dropped over the last decade. As of mid-2014, more than a half-million homes had solar systems, according to the report.
Real estate agents, appraisers and lenders are still trying to catch up with the technology, along with other energy-saving features, in terms of calculating their effect on home values — or lack thereof — in any given market.
