The Department of Energy conducted studies in 2011 and 2013 that found clear evidence that homes with purchased solar systems sold at a premium. Findings showed that homes with a new 5 KW system, on average, sold for nearly $40,000 more than similar homes with no PV installed. This is well above both the replacement cost of the system and the system’s expected income.
Together these studies paint a clear picture: while market factors like electricity rate and system price may impact the size and extent of the premium, solar homes can be expected to sell for more than homes without PV.
A California home with a new 5 KW system,
on average, sold for nearly $40,000 more
than similar homes with no PV installed.
– 2015 Berkeley Lab Study
Real estate agents, appraisers and lenders are still trying to catch up with solar technology in calculating their effect on home values. In fact, Fannie Mae has acknowledged the growing proliferation of solar. In December 2014, a government-sponsored institution issued a new guideline that if a house has an owned solar system, the appraiser should analyze the system and use it as a factor when determining the market value. The Berkeley Lab report notes that more research is needed into the effect of leased systems on home value.
