Did you know that adding solar panels to your home lowers your power bill and increases your home’s value? An April 2011 study by the Berkeley Lab analyzed California home values after the addition of a photovoltaic (PV) solar energy system. The study found that solar panels add value to a home at an average rate of $5.50 per watt ($5.50/W). These results are very similar to a 2010 study conducted in the San Diego market where homes were also found to increase in value from the addition of a PV system. The study also noted that owners of solar-powered homes also benefit from power bill savings as a direct result of being able to produce one’s own power.
This means a small 5 panel system using 230 watt solar panels will add an average increase of $6,325 dollars to a home, while a solar energy system twice that size with 10 panels will add an average value of $12,650 dollars to a home.
The 2011 solar energy home value report can be downloaded from the Environmental Energy Technologies Division of Berkeley Labs via http://eetd.lbl.gov/ea/emp/reports/lbnl-4476e.pdf.