Let there be Light!
Homes with solar sell for more. The latest research on how rooftop solar panels impact home buyers’ willingness to pay for real estate, conducted by the Lawrence Berkeley National Laboratory and sponsored by the U.S. Department of Energy, indicates that owning a PV solar array significantly increase the resale value of a home. The average total increase in a buyers’ willingness to pay for a home with a solar energy system was about $15,000. Given the average size of the solar arrays sampled, a solar array adds roughly $4 per watt in value to homes.
Return on Investment
The $4 per watt increase in a home’s selling price caused by a solar array exceeds the typical installation price of the array and is, therefore, an immediately positive return on investment (ROI). Therefore, home-sellers will likely recoup the cost of their array in the sale of their property.
We always encourage homeowners considering solar to perform their due diligence when it comes to considering the impact the array will have on their property value, as national trends may not translate to your specific house or sub-market.
Renewable Energy Property Tax Exemptions
Sometimes, raising the value of your home can be a mixed blessing, as a larger appraisal can result in higher property taxes. Fortunately for those converting to solar or renewable energy, most towns in New Hampshire offer a property tax exemption for the added value of a solar array. A comprehensive list indicating which municipalities abide by a solar property tax exemption can be found here.