The impact of solar installations on property value can vary significantly by region and type of solar installation. Here are some insights into regions and conditions where solar installations have a greater impact:
Rooftop Solar Installations:
- Urban Areas and High Electricity Costs: In urban areas with high electricity rates, residential solar installations often result in a premium on property value, with homes selling for up to 5.4% more than comparable non-solar properties. This is because the energy savings are more substantial, making solar homes more attractive.
- Sunny States with Strong Solar Incentives: Regions like North Carolina and Virginia show strong solar adoption and consequently higher property value premiums due to solar installations.
Utility-Scale Solar Installations:
- Rural Areas: The negative impact on property value from utility-scale solar installations is more pronounced in rural areas. Studies suggest that homes within 0.6 miles of a utility-scale solar array in rural areas may experience a 2.5% to 5.8% reduction in value. This is partly due to the alteration of open space and natural landscapes.
- Specific States with Significant Impacts: In some states like Minnesota and North Carolina, homes within 0.5 miles of large-scale photovoltaic projects experience significant price reductions, ranging from 4% to 5.8%.
Overall, the impact of solar installations on property values varies widely based on the type of installation (rooftop vs. utility-scale), location (urban vs. rural), and local energy conditions.
Original article by NenPower, If reposted, please credit the source: https://nenpower.com/blog/are-there-any-regions-where-solar-installations-have-a-greater-impact-on-property-value/
