Solar Roofs Pump House Values in California
April 22, 2011
New research by the U.S. Department of Energy’s (DOE) Lawrence Berkeley National Laboratory finds strong evidence that homes with solar photovoltaic (PV) systems sell for a premium over homes without solar systems.
“We find compelling evidence that solar PV systems in California have boosted home sales prices,” says Ben Hoen, the lead researcher on the study and a Principal Research Associate at Berkeley Lab.
“These average sales price premiums appear to be comparable with the average investment that homeowners have made to install PV systems in California, and of course homeowners also benefit from energy bill savings after PV system installation and prior to home sale.”
The research finds that homes with PV in California have sold for a premium, expressed in dollars per watt of installed PV, of approximately $3.90 to $6.40/watt. This corresponds to an average home sales price premium of approximately $17,000 for a relatively new 3,100 watt PV system (the average size of PV systems in the Berkeley Lab dataset), and compares to an average investment that homeowners have made to install PV systems in California of approximately $5/W over the 2001-2009 period.