Zillow Research Shows Increased Property Value with Solar Installation
Nicki Zvik, Founder of Green Solar Technologies, comments on the recent Zillow findings.
When presenting the benefits of solar energy, increased property value is often at the top of the list. But just how much does a solar panel system really help, and where does property value benefit the most?
According to recent research by real estate information company, Zillow, adding a solar system to a home can increase property value by up to almost 10%. Just as buyers are willing to pay thousands more for a renovated kitchen or bathroom, or well-landscaped backyard, buyers are also taking more and more notice to whether or not a home has installed a solar system.
Nicki Zvik, Founder of Green Solar Technologies, states, “Solar energy can quite literally save homeowners tens of thousands of dollars over the lifespan of the system, so when buyers see that a home has solar energy installed, they’re typically willing to pay more for the home up front in order to save more in the future.”
So where does solar cause the biggest stir? Zillow breaks down the top 10 states for increased property value with solar, and it goes as follows.
Though Zillow breaks down the top 10, that does not mean that other states don’t also generate considerable increases in property value. Zillow only breaks down the top states overall but doesn’t mention the top cities in other states. For example, installing solar in Los Angeles will increase a home’s property value just as much as it would in the state of New York, which can translate to over $10k due to the cost of living.
“Solar is never a bad investment,” shares Zvik, “Unless you live in an area that is cloudy and rainy 24/7, solar can always benefit homeowners. Fossil fuels are simply unable to compete with the price and efficiency of solar and utility companies are requiring more and more electricity to come from solar, which promotes net metering--another incredible financial benefit to solar. And as solar becomes more popular, it will actually be considered a disadvantage to sell a home without solar energy installed, so those who install solar sooner rather than later may reap more of a true benefit rather than simply avoiding a disadvantage in the future.”
U.S. Solar Gets Boost From Trump Administration After New Tariff Announcement
The U.S. solar industry will be getting another boost from the Trump Administration to come the end of October as it was recently announced that a 25% tariff will be placed on bifacial solar panels. Bifacial solar panels have been at the forefront of conversation amongst leaders in renewable energy due to their ability to absorb light on both sides of the panel rather than monofacial panels that absorb light on just one side. Though this dual-sided panel has the potential to skyrocket the solar industry as they would make solar systems much more efficient, the technology is still in its infancy and currently makes up a mere 3% of the market.