It’s official: solar is the smart investment in your future
The National Renewable Energy Laboratory (NREL) has finally given us statistical data that solar homes sell faster and for more than non-solar homes in California. When Shea Homes put solar panels on 257 homes, half of their San Diego development project, every single home sold within a year–two years quicker than expected–and for on average 20% higher (some as high as 50%) than the initial price estimates. (source: http://www.nrel.gov/docs/fy07osti/38304-01.pdf)
Homes sold 17% faster and for 20% more even in a market slump
Even as the real estate market was in a slump, solar homes held their value. The other developments in the study also sold their solar homes roughly 17% faster than non-solar. The floor plans and specs of each home on the market were exactly the same. The only difference–solar. If solar was already installed and factored into the price buyers were willing to pay more and jumped on the opportunity to own their own solar system.
Another interesting find is that these homes were not nearly as solar powered as they could be. Most had smaller 2.5 kW PV systems (most homes need a 5kW system to power all their appliances) but their energy bills still reduced by 54% compared to their grid powered neighbors. This proves that solar should be an industry standard for new builds. Even if developers put in smaller, more inexpensive systems, it can still attract buyers quickly who are eager to reap the rewards of energy savings and independence.
Boost your financial flexibility and freedom
Now, you might think that all of these new solar homeowners were tree-hugging hippies willing to spend a few more bucks to save mother earth, but this wasn’t the case either. The study found no difference between the buyers of solar homes and the average home buyers–no environmental activism, no liberal leanings, just a smart way to save
So how do you boost your property values and increase your financial flexibility and freedom? I’d say installing a solar system is a pretty good place to start. Be the envy of your block. Find your local installer today.