While solar panels are not popular everywhere in the US, in California, homebuyers see the value in buying homes with solar panel kits already installed. If you are a California homeowner, you may want to take notice of the new research that examined the preferences for buyers in the California real estate market.
The research, conducted by Lawrence Berkley National Laboratory, determined that buyers were willing to pay a premium for homes with solar panels. In many cases, sellers were able to make a profit from their solar energy investment. For homeowners considering the switch to solar panels, this could be a compelling reason to ditch the traditional utility company.
Buyers were less likely to pay a premium for homes with older solar panel kits, so if you are planning an upgrade, you now have one more reason to do so. The price people were willing to pay dropped nine percent for every year that the panels were in place on a home. If your panels are only a few years old, you should still be able to snag a higher asking price for your home, but for decades-old systems, an upgrade would be needed to make your home more attractive to potential buyers.
There are many reasons to invest in solar power for your home, but adding value to your home is one that benefits your wallet and the environment. Not only will you save on your monthly utility costs, but you can also get a higher asking price for your home when and if you decide to sell. If you haven’t already made the switch to solar, now may be the best time to do it.