September 15, 2021 | By RGR Marketing Blog

How Will Solar Panels Impact Resale Value? Clients Will Surely Ask...

Buy Solar LeadsWithout a doubt, a homeowner having the ability to pay less (or even nothing at all) for their electricity is one of the strongest selling points a solar installer has in their marketing arsenal. A second benefit, increased resale value for their home, is also a strong selling point, but arguably it is one that isn’t always easy for a solar installer to prove to a prospect.

The truth is solar’s impact on residential home resale values has been known for years. In 2015, a team of appraisers led by a researcher from the U.S. Department of Energy’s Lawrence Berkeley National Laboratory (Berkeley Lab) and a home appraisal expert conducted a study of solar’s impact on home values across six different housing markets.

What Did the Study Consist Of?

Researchers from the Berkeley Lab worked with a team of seven appraisers from six states to determine the market value, if any, was added to single-family homes equipped with solar photovoltaic (PV) systems. The appraisers compared 43 non-PV homes with the same number of similar homes with PV installed and employed the industry-standard paired-sales valuation technique, which essentially compares the recent sales of these comparable homes to estimate how much more new home buyers would be willing to pay for homes with PV systems.

What Did the Results Find?

The appraisers found that any increases in resale value were highly dependent on several key factors, including the local market characteristics as well as the size of the system, the available incentives, the price of solar installations and replacements at the time of sale, and the current retail electricity rates.

The appraisers determined that taking a one-size-fits all approach to evaluating solar’s impact on home values isn’t recommended. Instead, it is important that each of these factors be considered to determine solar’s effect on a given home’s value with greater accuracy.

How Much More are Buyers Willing to Spend on Solar Homes?

The results of the 2015 study interestingly confirmed the statistical modeling results learned from a similar Berkeley Lab study conducted in 2013. In the 2013 study, it was discovered that home buyers were willing to pay $15,000 more for a home equipped with the average-size solar photovoltaic system (3.6 kilowatts). This equates to roughly four additional dollars in home resale value per watt of solar power installed.

Despite the study showing that home buyers were willing to pay more for PV homes, it didn’t mean that solar homes sold faster than non-solar homes. The results showed there was no consistent difference in days on the market found between PV and non-PV homes.

How to Get Connected With Homeowners in Your Area Who are Interested in Going Solar

Any solar installer will tell you, generating high-quality solar leads isn’t easy, especially when you work within a designated area. After all, when you use organic lead gen methods, you could inadvertently be attracting prospects well outside of your service area. Unfortunately, when this happens, your sales team is forced to waste time and resources filtering those bad leads out.

Purchasing solar leads from a reputable provider, like RGR Marketing, is one way to ensure the leads you are working with are not only verified, but also fit within your unique target demographics.

RGR Marketing has more than 20 years of experience providing solar professionals with the high-quality leads they need to grow their businesses. We understand the solar market and can match you with the leads that give your sales team the best opportunities for making the sale.

If you need leads for your solar business, put your trust in a provider that knows your market – RGR Marketing.

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