Yes, there are specific regions where homes with solar panels sell for significantly more. The increase in property value varies by location, with certain regions experiencing more substantial gains due to factors like high energy costs, environmental awareness, and local incentives.
Regions with Notable Increases
- New Jersey: Homes with solar panels in New Jersey see a significant increase of about 9.9% in property value, which translates to approximately $32,281 for the average home.
- California: California leads with an average increase of around 4.1% in property value, driven by high electricity rates and abundant sunshine. Cities like San Francisco show a premium of about 4.4%.
- New York and Massachusetts: These states typically experience a 3.5% to 4% increase in property value. The New York City metro area, in particular, sees a premium of 5.4%, equating to an additional $23,989 or more for a typical home.
- Coastal Regions: Coastal regions generally show stronger value increases due to environmentally conscious buyers and higher energy awareness.
- Illinois (specifically Chicago and suburbs): Property values in these areas often see increases ranging from 4.1% to 4.7%, sometimes exceeding national figures by up to 25%.
Factors Influencing Value Increases
- Local Energy Costs: High electricity rates in areas like California, Massachusetts, and Illinois make solar installations more valuable.
- Environmental Awareness: Regions with strong environmental consciousness, such as coastal areas, see more significant premiums for solar-equipped homes.
- System Quality and Size: Larger, high-quality systems offer greater utility savings and higher property value increases.
- Market Awareness and Incentives: Areas with strong solar incentives often see more significant value boosts.
Original article by NenPower, If reposted, please credit the source: https://nenpower.com/blog/are-there-specific-regions-where-homes-with-solar-panels-sell-for-significantly-more/
