A common misperception exists that selling a home with solar panels on it is more difficult. A new report released by Zillow , the leading online real estate and rental marketplace shatters that myth.
The report concludes solar rooftop panels can boost your home’s value and lower your electricity bill regardless of what state you live in, but some states do better than others. The report ranks how much home value is increased by state.
New Jersey, Pennsylvania and North Carolina offer the highest solar premiums in the country but Maryland and Florida also do quite well.
Zillow’s Top 10 States With Highest Solar Premiums:
- New Jersey: 9.9% or $32,281 for the median-valued home.
- Pennsylvania: 4.9% or $8,589 for the median-valued home.
- North Carolina: 4.8% or $8,996 for the median-valued home.
- Louisiana: 4.9% or $7,037 for the median-valued home.
- Washington: 4.1% or $15,916 for the median-valued home.
- Florida: 4% $9,454 for the median-valued home. (While the solar premium for the state of Florida is 4%, it increases to 4.6% in Orlando, Florida.)
- Hawaii: 4% or $24,526 for the median-valued home.
- Maryland: 3.8% or $10,976 for the median-valued home.
- New York: 3.6% or $10,981 for the median-valued home.
- South Carolina: 3.5% or $5,866 for the median-valued home.
Some states like Utah and Virginia did not have enough solar-powered homes yet to identify the solar premium but the proof is in. You can sell your home for higher value if you go solar.
Do Solar-Powered Homes Sell Faster?
You may also be able to sell your solar home quicker if it includes a solar energy system. Berkeley National Laboratory published the most comprehensive report regarding solar resale value. The report was funded by Department of Energy’s National Renewable Energy Laboratory (“NREL”) in 2015. The report corroborated by NREL states, “…solar panels are viewed as upgrades, just like a renovated kitchen or a finished basement, and home buyers across the country have been willing to pay a premium of about $15,000 for a home with an average-sized solar array. Additionally, there is evidence homes with solar panels sell faster than those without.”
For more information on this topic, read this; What’s it Like to Sell a Solar-Powered Home?