Study Shows $99,000 Increase in Home Values for Northeast Solar Customers
Solar customers already know that installing a rooftop solar energy system is a smart investment that can simultaneously reduce their electric bills while earning tax credits. And most are aware that solar panels can give their home values a boost — typically about $15,000, according to Department of Energy.
But a new study funded by Redfin shows that in the Northeast, the effect of solar panels on home sale prices is much more than a boost — in fact, it’s a startling $99,000 increase on average.
Then again, it shouldn’t be that shocking. Solar panels provide an incredible value even to the homeowners who pay the upfront costs to install them. While the system pays for itself in time, the next homebuyer doesn’t even have to wait. The installation is already done, and the seller can offer the buyer immediate evidence of the value — their past electric bills.
The Redfin analysis compared home price differences attributable solely to solar panels. Cities in this region that were analyzed included Newark, N.J., which had a median sale price of $191,000 for non-solar listings, and $345,050 for homes with solar panels, and Albany, N.Y., which had a median sale price of $171,495 for non-solar comes, compared to $243,750 for homes with solar.
Please feel free to call us to schedule a home assessment at (914) 762-7622. We are happy to visit your home when convenient and provide you with an individual analysis of your home site, to show you what kind of value you can expect from a solar energy system.