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Solar Panels Increase Property Value

November 19th, 2015 Written By Carol Pawley

Solar Energy

Homes with solar photovoltaic (PV) energy systems are sold at a premium compared to homes without PV systems.

A study released and funded by the U.S. Department of Energy’s Lawrence Berkeley National Laboratory found that homes with host-owned solar photovoltaic (PV) energy systems are sold at a premium compared to homes without PV systems. The lead author of the study is Sandra K. Adomatis of the Appraisal Institute, the nation’s largest professional association of real estate appraisers. The project engaged a team of seven appraisers across six states—Florida being one of them—to determine the value added to homes with host-owned PV systems.

Researchers concluded the location, age, size and efficiency must be considered in determining the value of a PV system. The value also is impacted by local factors, such as the retail cost of electricity and any local incentives provided for those who own a PV system.

Appraisal Institute professionals previously worked with the Lawrence Berkley National Laboratory on “Selling into the Sun: Price Premium Analysis of a Multi-State Dataset of Solar Homes,” which found homebuyers are consistently willing to pay more for homes with PV energy systems. Adomatis and Thomas O. Jackson, Ph.D., MAI, contributed to that study, which was released in January 2015.

Lawrence Berkeley National Laboratory is a member of the national laboratory system supported by the U.S. Department of Energy through its Office of Science. It is managed by the University of California (UC) and is charged with conducting unclassified research across a wide range of scientific disciplines. Thirteen Nobel prizes are associated with Berkeley Lab.

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