HOME VALUES BENEFITS OF SOLAR SYRACUSE CNY
Over and over studies have shown that Solar power increases the value of your home. In a study of of home values in California from 2000-2009 the Lawrence Berkeley National Laboratory (LBNL) found that indeed home values increased. Below is a model that shows that the more solar power installed on your home the greater the increase of the value of your home. The numbers apply to Syracuse and Central New York just like they do in California.
LBNL’s report estimated that each 1-kilowatt (kW) increase in rooftop solar system size adds $5,911 to a home’s resale value.
While several previous studies (including a 2011 LBNL report) recognized solar homes command higher prices, many appraisers assign no additional value to a solar PV system. And, those who do assign value have little data in terms of comparable home sales to determine the exact value to assign to the home. Considering sales of green goods have outpaced the overall economy and clean energy investments have been shown to significantly boost commercial building values, it’s a timely quandary.
LNBL decided to solve this problem by examining sales data for 1,894 solar homes and 70,425 comparable non-solar homes sold across California between 2000-2009. Analysts took three factors into consideration: regression analysis of actual sale prices over time, sensitivities of estimated solar premiums to the system age and size, and comparison of actual solar premiums paid compared to predictions made through estimated system cost and income. Read The whole study