Will Solar Panels Increase the Value of My Portland Home?

According to a recent study by Solar Reviews, homes with solar panels sell for an average of 6.9% more than comparable homes without solar panels. This further supported a previous study conducted by Zillow that found the average increase to be 4.1%. In their study, Zillow economists looked at homes sold in five major metro areas between March 1, 2018 and February 28, 2019. They controlled for observable variables such as the number of bedrooms and bathrooms, the square footage, and the age of the homes. The updated Solar Reviews study took a similar approach for the years 2021 to 2024 and found that the value increased had risen alongside the available housing stock with solar.

The studies find that the premium brought in by the addition of solar panels varied based on the location of the home. Solar-equipped homes in Riverside, California sold for an average of 2.7% more than comparable homes without solar, which comes to about $9,926 for a median-valued home. However, solar-equipped homes in New York City brought in an average of 5.4% more than comparable homes without solar, which translates to an extra $23,989 for a typical home. Nationally, the average premium was 4.1%, of the home’s value.

In an extensive 2003 study, the National Renewable Energy Laboratory (NREL) found that solar-equipped homes in several California subdivisions constructed by various builders sold 20% faster and for 17% more than equivalent homes in the same subdivisions that did not have solar panels installed.

These statistics are reassuring for homeowners who are considering adding solar energy to their home and plan on selling their home in the next 5 to 10 years. Factoring in the premium that solar panels add to your home value can go a long way towards offsetting the initial investment of adding solar power.6.9%