By Melissa Dittmann Tracey, REALTOR® Magazine
Home owners may write off solar panels as too costly (installation can cost upwards of $15,000), but a new study suggests that installing solar panels can pay off.
Researchers find that solar panels not only save money on electricity bills, but also provide a boost to home owners at resale, particularly when added to existing-homes, according to a new study by Lawrence Berkeley National Laboratory. Home owners not only are likely to recoup their investment from the installation but even stand to make more at resale, the study finds.
Researchers analyzed the sales of about 2,000 solar homes in California from 2000 through mid-2009 and compared the prices to those of 70,000 comparable homes that did not have solar panels.
On average, solar panels added about $5.50 per watt to a home’s resale value. In other words, a home with a typical 3.1-kilowatt solar system stands to make an extra $17,000 above the cost of a comparable, nonsolar home.
So today’s Earth Day, should we go celebrate by adding some solar panels?
We service Nassau & Suffolk Counties in NY. We do Photovoltaic Inspections!
Also find us on facebook @
http://www.facebook.com/login/roadblock.php?target_url=http%3A%2F%2Fwww.facebook.com%2Flogin.php#!/pages/Kings-Park-NY/NYS-Electrical-Inspections/130302586826?sk=info
This is great information and all Realtors/ appraiser should take heed
[...] covered over at our Styled, Staged & Sold blog today, the instillation of solar panels can boost a home’s resale value, according to a new [...]
Check out the cost of adding PV to your home. Prices are dropping. There are many more types of solar cells that adapt to different locations and needs. Go solar!
[...] Source: “More U.S. Homes go Solar With no Upfront Costs; All Owners Pay for Is the Power They Use,” USA Today (June 14, 2011) and REALTOR Magazine online [...]
[...] Source: “More U.S. Homes go Solar With no Upfront Costs; All Owners Pay for Is the Power They Use,” USA Today (June 14, 2011) and REALTOR Magazine online [...]
[...] find that Solar panels not only save money on electricity bills, but also provide a boost to home owners at resale, [...]
[...] how you can save thousands of dollars on your next home renovation@@!People decide to paint the inside of their home for different reasons; some people decide to paint t…to paint the inside of your home (after all, each motivation comes to the same end results!), here [...]
Wonderful site. Plenty of helpful info here. I am sending it to some friends ans also sharing in delicious. And of course, thanks for your effort!
We have had a presentation from a company that will, based on the home’s exposure and other factors, install and maintain solar panels. The homeowner avoids paying the up-front costs and is guaranteed a fixed monthly charge which increases yearly at a 2.9% rate. The homeowner still would need to pay some minor fees to the providor of electricity. Annual costs savings appear to be in the $700 range. Would appreaciate any thoughts onn this approach and what impact it may have on the resale of a home (“lease” is transferrable).