Researchers at Berkeley Lab in California report that typically homes with 3.1-kilowatt photovoltaic (PV) systems sell for an average $24,705 more than homes without PV systems. Additionally, each 1-kilowatt increase in generating capacity resulted in a $5,911 sale premium.
Initially, however, photovoltaic systems are not cheap. Solar Energy Industries Association states that a 6.1-kilowatt system spanning 350 square feet costs about $28,000 for parts and installation, though tax incentives may help offset the cost. Additionally for the buyers, the systems depreciate quickly. Each year that a system ages is accompanied by a $2,411 drop in the sale price, despite the system having a life span of about 25 years, according to the study.
The use of photovoltaic systems by homeowners is very recent, according to Ben Hoen of Berkeley Lab. Approximately 32% of total PV systems in the U.S. were added in 2013 alone, spurred by technology improvements and aggressive promotion by states, according to the solar energy association. Roughly half a million homes in the U.S. use PV systems for power. PV systems are most commonly seen in California, Hawaii and Arizona, according to the association.
In the study, researchers examined 1,598 PV homes and 6,140 non-PV homes that sold from 2000 to 2009 in California. If you are interested in the full details of the study conducted by Berkeley Lab in California, it is available here: Exploring California PV Home Premiums.
Having a photovoltaic system installed in your home has the benefit of making your home far more marketable when it is time to sell. According to Benjamin Leaskou, CEO of Leaskou Partners - a real estate agency based in California, "It helps sell a property, to be quite honest."
What are Photovoltaic Panels?
Photovoltaic, or PV, panels are used for the solar power generation as a clean sustainable energy technology which draws upon the planet’s most plentiful and widely distributed renewable energy source – the sun. Photovoltaic systems convert sunlight directly into electricity using solar panels made of semiconductor materials. These systems differ from various other solar-heating systems, which use the sun's energy to generate heat.
With the growing industry of solar power, Green Education Services provides solar training classes developed specifically for contractors, electricians, engineers, solar energy entrepreneurs and sales people. For more information regarding these courses visit https://www.greenedu.com/solar-training.