For many homeowners thinking about going solar the question of what happens to their property value is a big one. They are not the only ones! Researchers have looked at this question as well. Here’s what they’ve found:
- A study conducted by the Department of Energy’s (DOE) Lawrence Berkeley National Laboratory in 2011 found that homes that have solar electric systems installed actually have a better market value and sell for better prices compared to those houses that do not.
- Another study conducted by NBER (National Bureau of Economic Research) also found that solar panels did increase the value of a home at the point of sale by 4 – 5%.
- A survey of 1,600 Ontario residents found that 92% of homebuyers would look for energy efficiency features in their new home.
- Canadians would overwhelmingly choose a house with energy efficiency upgrades over updated finishes like granite countertops or hardwood flooring.
Why? When you sell a solar home, not only are you selling your home but you’re also selling a source of income associated with your solar system. The solar system has a value of up to $35,000 and is attractive to potential buyers because it is a potential lucrative income stream to them. You could say that solar is like having a basement apartment with a renter, except, unlike a renter, solar systems do not make any noise, and hydro companies will pay you monthly cheques on time. If you’re at the end of your 20-year contract when you sell, there’s also the opportunity for the next buyer to get free energy from the solar system to power their homes. Think about it, now they may be able to afford a bigger mortgage as a result of that additional income or lower utility costs! So it’s a win -win situation whether you decide to sell your home or not. And saving the environment at the same time.