Robust Study Proves Solar Panels Raise Home Values

 

Solar Panels pic
Solar Panels
Image: news.energysage.com

An energy consultant based in Las Vegas, Nevada, Kevin D. Romney previously served as President of The Romney Group. Today, Kevin D. Romney of Las Vegas, Nevada, is the manager of Radiant Solar Solutions, a firm which provides rooftop solar energy and storage throughout the Southwest.

Over the last decade, the cost of solar panels or photovoltaic systems has gone down, enabling more homeowners to have them installed. As of 2014, over half a million homes in the country had solar systems. These systems, according to research conducted by the Lawrence Berkeley National Laboratory, enabled many of the homeowners to realize higher resale values for their homes.

In the study, researchers analyzed the sales data of 23,000 homes from 2002 to 2013. An estimated 4,000 homes from the sample had solar panels installed. The study showed that buyers paid up to $15,000 more for homes with a standard 3.6-kilowatt solar system over those without. The increase in property value was realized in homes which actually owned, rather than leased, the solar panels.