Will Solar Panels Increase the Value of My Portland Home?

Is It Worth It? Here's the Data

Installing solar panels on your home is a great way to save money on your power bill and be an environmental steward, but that’s not all – installing solar panels will also increase your home’s resale value significantly!

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    How Does Solar Increase My Home Value?

    home solar panels in Beaverton, OR

    According to a study by real estate giant Zillow, homes with solar panels sell for an average of 4.1% more than comparable homes without solar panels. 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.

    They found 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.

    How Does Solar Increase My Home Value?

    Of course, the exact value increase depends on 4 main Factors:

    1. The cost of power from your local utility company
    2. The size and age of the system
    3. The type of equipment used in your solar system 
    4. The initial value of your home

    Considering Solar For Your Home?
    Get A Free Quote

    If you are considering adding solar energy to your home, contact our team of solar experts at Power Northwest today for a free project assessment and quote! Please feel free to schedule a consultation today.