As we already know here at Net 0, solar is the way to go for your home and its future value. Well, here are ten states (including Florida) that solar is taking off.
California will actually be the first state in the U.S. to require solar panels on all new homes starting in the year 2020. However, the legislation’s passage still allows for one very key question:
Does the Cost of Installing Solar Pay Off for Homeowners
Some developers are not even waiting till 2020 and are pressing ahead with solar-powered homes for what they say is the best reason: it best serves the homebuyer’s market matching energy demands to efficiency and cost. California estimates the new solar power rule will help homeowners save about $19,000 in a 30-year period. The issue is that others say the mandate will push up housing costs too much for many homebuyers.
Does adding solar power increase a home’s value at time of sale? According to Zillow.com, in some states the answer already is yes. Zillow indicates that in the same way homeowners are willing to pay thousands of dollars for renovations like a new kitchen or finished basement, they need to evaluate the return on investment from investing in solar energy.
Installing solar panels in a home not only helps reduce monthly utility bills but it can increase a home’s value by up to 4.1% more than comparable homes with no solar panels, or an additional $9,274 for the median-valued home in the U.S.
Green Houses
Recent natural disasters like the California wildfires have inspired many to seek more eco-friendly lives, including home buyers.
“There is increased demand for green living. More than 80% of buyers now say energy-efficient features are important in selecting their home,” said Sarah Mikhitarian, Zillow senior economist. “We are increasingly finding that these attributes are important to prospective homebuyers. This is part of the reason that there is a premium associated with it. The other piece is that there is true value provided by solar panels — namely, future energy savings.”
The energy savings depends in part on how a specific home consumes energy. For example, a home with features like heated floors might see a greater premium from the addition of solar.
To identify the solar premium in each state, Zillow compared the sale prices of homes with and without solar-energy systems listed for sale and sold within a research period of March 2018 and February 2019.
The company examined all transactions that occurred and identified which homes featured solar panels in their listing descriptions, controlling for observable attributes including size, age, location, and market value at the time it was listed for-sale.
In New Jersey (the state with the best solar profits), homes with solar panels can sell for 9.9% more than homes without solar-energy systems. That is a profit of $32,281 for the median-valued home in that state.
Here is the top ten states with the highest solar premiums, according to Zillow’s findings:
- New Jersey: 9.9% or $32,281 for the median-valued home.
- Pennsylvania: 4.9% or $8,589 for the median-valued home.
- North Carolina: 4.8% or $8,996 for the median-valued home.
- Louisiana: 4.9% or $7,037 for the median-valued home.
- Washington: 4.1% or $15,916 for the median-valued home.
- Florida: 4% $9,454 for the median-valued home.
- Hawaii: 4% or $24,526 for the median-valued home.
- Maryland: 3.8% or $10,976 for the median-valued home.
- New York: 3.6% or $10,981 for the median-valued home.
- South Carolina: 3.5% or $5,866 for the median-valued home.
However, solar premiums can vary even within state lines.
While the solar premium for the state of Florida is 4%, it increases to 4.6% in Orlando, Florida.
In New York City the solar premium is 1.8% more than it is statewide, which translates to $23,989 more in value for the typical home in New York.
And in California there are major fluctuations within metro areas: while the solar premium statewide is 3%, in San Francisco, it increases to 4.4%, in Los Angeles to 3.6% , but in Riverside, the solar premium declines to 2.7%.
Other states like Utah, did not have enough homes with solar-energy systems installed to identify the solar premium.
These are just a few of the best reasons why you need to look into solar energy today. Call us at Net 0 Energy to discuss your solar options. Net 0 Energy is based in Palm Beach, Florida and has been installing solar panels residentially and commercially in the South East for over a decade.
Net 0 Energy Homes employs a highly experienced team of expert solar panel installers of domestic and commercial solar panel (PV) systems across South Florida, including West Palm Beach, Fort Lauderdale, Miami, Florida Keys, and the Bahamas.
We also provide and install radiant barrier attack shield, quality insulation, solar water heaters, solar pool heaters, and a myriad of other amazing products to keep your homes heating and cooling costs as low as modern science will allow.
Net 0 Zero Energy solar electricity systems are made of high-quality US manufactured modules of top tier quality. While our solar water heating systems are manufactured by Solar Development Incorporated, Florida’s oldest solar manufacturer located in Palm Beach County since 1974.