Regional Variations in Solar Value
1. California
- Statewide Average: 3% increase in home value.
- San Francisco: 4.4% increase.
- Los Angeles: 3.6% increase.
- Riverside: 2.7% increase.
2. Illinois
- Statewide Average: 4.1% increase, translating to approximately $9,500 for a median-valued home.
- Variations by Region: In Chicago, values increase by 4.1% to 4.7%, while in Central Illinois, it’s 3.5% to 4.2%, and in Metro East, around 3.8% to 4.4%.
3. National (U.S.) Averages
- Zillow Data: A 4% national average increase in home value.
- SolarReviews Study: Homes with solar panels sold for about 6.8% more.
4. State-Specific Examples
- Hawaii: Highest increases due to both high energy costs and strong demand for solar.
- West Virginia: Lower increase due to lower local energy costs and less demand.
- Seattle, Washington: Homes with solar panels sold for 9.3% more.
Key Factors Influencing Value Addition
- Location: Energy costs, climate, and local market conditions impact the value addition.
- System Size and Quality: Larger and higher-quality systems add more value.
- Local Incentives: Areas with strong solar incentives may see greater value increases.
In summary, while solar panels generally increase home values, the extent varies widely by region due to differences in local conditions and demand for solar energy.
Original article by NenPower, If reposted, please credit the source: https://nenpower.com/blog/what-are-the-differences-in-value-added-by-solar-panels-in-various-regions/
