March 22, 2021
Solar panels can save homeowners a lot of money on their utilities bills, but that is not all that comes with owning a sun powered home. In 2019, Zillow published an article discussing how solar panels on homes can actually increase the value significantly. Zillow researchers compared the values of the homes that the site listed and sold with and without solar energy, from March 1, 2018 to February 28, 2019. This data includes other house attributes that affect the value of a home. The results showed that homes with solar panels sold for an average of 4.1% more nationally. That 4.1% converts to an extra $9,274 when applying this increase to the median home price in 2019. With environmental consciousness becoming increasingly popular, this datum continues to stay relevant.
To get a clear perspective of the impacts solar energy has on homeowners, I spoke to James Linder, CEO of Sun Source Solar. Linder stated: “because of the fires last year, PG&E is going to be raising their rate up to 6-12% for the next 15 years.” Linder also mentioned how the rates of solar energy stay relatively the same every year. This information highlighted the contrast of the value of homes with and without solar. Although different in every state and city, the average value solar panels can add to a home in the U.S is 4.1%. To put this into perspective, adding the 4.1% increase to the median California home price in 2020, there would be a $29,209 increase in value. That takes the $712,430 median to $741,639 in value. Depending on the location, this change can be more or less, but solar panels still add value to your home.
Whether the goal is to save the environment or save on the utility bill, adding solar panels can add worth to a property. As efforts to improve climate change become essential, solar panels may become an essential as well.
Trevon Martin // CIRB Journalism Intern