Solar photovoltaic (PV) panels are not only a source of clean energy, they are also a source of value for your home. A study looked at property appraisers’ valuation of homes with solar panel installations. It is the first study of its kind to shed light on the real value that solar can have on property values.
Solar panels can add equity to a house. This equity can reduce the payback period of solar installations if the homeowner needs to sell the house.
The study will strengthen the value of solar for homeowners who might be considering an installation. Even solar systems 12 years old retained a significant amount of value – around 50% - of the value of new systems.
Appraisers will also be able to assess property values more consistently going forward.
Real Estate agents can also take advantage of this study by advising clients on how to increase property values, or how existing solar panels will affect prices of desirable homes.
The energy savings, low depreciation rates, and emergence of a consistent valuation approach are sure to increase the attractiveness of residential solar installations. The future is bright for solar.