Many people question whether a 25-year investment in solar energy makes sense if they might decide to sell their home within that time period. A comprehensive study completed by Lawrence Berkeley National Lab (LBNL) answered that query with a resounding “Yes”. The study spanned several years and included a number of states and home types. The findings revealed that, overall, homebuyers were consistently willing to pay a premium for a property with solar energy. In addition, the increased home value was significantly more than the cost of the solar panel system. More information on the study is available here.
It is important to note, while homebuyers pay a premium for a home with solar, current owners pay the market value for the solar panel system. The present owner also receives a 30% federal tax credit, making the out of pocket cost for the system only 70% of market value. According to the LBNL study, the value a solar panel system added to a home, generally, exceeded the pre-tax credit value of the solar array.
Statistics show that most Americans move every seven years, so Affordable Solar has developed some tools and recommendations to assist solar customers who wish to sell their homes. Just as a swimming pool owner benefits from contracting with a real estate agent experienced in marketing water features, we suggest that solar owners obtain the services of an agent familiar with marketing solar features. To clearly explain the value proposition of solar to perspective homebuyers, we also provide a poster outlining solar array savings benefits. This poster can be displayed at open houses and home showings. Since nothing is more effective at underlining the value of solar than an $8 PNM monthly bill, we recommend leaving a current statement where potential buyers viewing your home can’t miss it.
Today, New Mexico home appraisers use an updated tool that makes it easy to include the added value of solar in their appraisal reports. If you are interested in investing in a solar panel system, but know you may sell your home at some point in the future, contact our solar consultants. They will provide you with specific guidance on choosing a realtor as well as with information about how to best present the value of solar energy to potential home buyers.