Do homes with solar panels sell for more than comparable homes without panels?

Do homes with solar panels sell for more than comparable homes without panels?

Yes, homes with owned solar panels typically sell for more than comparable homes without panels. According to a study by Zillow, homes with solar panels sell for an average of 4.1% more than comparable homes without panels. This added value can be as high as 9.9% in some states, such as New Jersey.

There are a few reasons why homes with solar panels sell for more. First, solar panels can save homeowners money on their utility bills. This can add up to thousands of dollars over the lifetime of the solar panels. Second, solar panels are becoming increasingly popular, and many homebuyers are willing to pay a premium for homes that are already equipped with solar panels. Third, solar panels can make a home more attractive to buyers who are concerned about the environment.

In addition to selling for more, homes with solar panels tend to sell faster than comparable homes without panels. A study by the National Renewable Energy Laboratory found that homes with solar panels sell 20% faster than homes without solar panels. This is because solar panels make a home more attractive to a wider range of buyers.

If you are considering installing solar panels on your home, it is important to factor in the potential increase in property value. Solar panels can be a wise investment, both financially and environmentally.

Here are some additional details about the study by Zillow:

• The study analyzed over 1 million home sales in the United States between 2012 and 2017.
• The study found that homes with solar panels sold for an average of $9,274 more than comparable homes without panels.
• The study found that the solar premium varied by state, with homes in New Jersey selling for the highest premium and homes in West Virginia selling for the lowest premium.

If you are considering buying a home with solar panels, it is important to have the solar system inspected by a qualified professional. You should also ask the seller for documentation of the solar system's performance and warranty.

WHY DO NEW JERSEY HOMES w/SOLAR PANELS SELL FOR HIGHEST PREMIUM? 

There are a few reasons why homes in New Jersey with solar panels sell for the highest premium compared to other states.

• New Jersey has a strong solar market. The state has a number of incentives that make it more affordable to install solar panels, such as a net metering program that allows homeowners to sell excess solar energy back to the grid. This has led to a high penetration of solar panels in New Jersey, with about 1 in 5 homes having solar.
• Homebuyers in New Jersey are increasingly interested in sustainability. A recent survey found that 80% of homebuyers in New Jersey say that energy-efficient features are important to them when choosing a home. Solar panels are seen as a way to reduce energy costs and live a more sustainable lifestyle.
• New Jersey has a high cost of electricity. The average electricity bill in New Jersey is about $120 per month, which is higher than the national average. Solar panels can help homeowners save money on their electricity bills, which can make their homes more affordable.

As a result of these factors, homes in New Jersey with solar panels sell for an average premium of about 9.9%, which is higher than any other state. This means that homeowners who install solar panels can expect to recoup the cost of their investment in just a few years, and they may even see a profit when they sell their home.

Here are some additional reasons why homes with solar panels are in demand in New Jersey:

• Solar panels can increase property value. A study by Zillow found that homes with solar panels sell for an average of $15,000 more than similar homes without solar panels.
• Solar panels can make homes more attractive to buyers. Homebuyers are increasingly looking for homes with energy-efficient features, and solar panels are seen as a sign that a home is environmentally friendly.
• Solar panels can help reduce energy bills. Solar panels can generate electricity, which can help homeowners reduce their reliance on the grid and save money on their energy bills.
• Solar panels can help protect the environment. Solar energy is a clean and renewable source of energy, and it can help homeowners reduce their carbon footprint.

Overall, there are a number of reasons why homes with solar panels are in high demand in New Jersey. If you are considering installing solar panels on your home, you can be confident that you will be making a wise investment that will pay off in the long run.