Yes, solar panels can increase your home value in Massachusetts by up to 2%-3%. Whether solar panels increase your home value in Massachusetts or not all depends on whether you own or lease your panels, where you live, type of house, how much youR home is currently worth, and the amount of energy consumption you decide to cover.
According to Berkeley Lab, in partnership with appraisers, universities, and Sandia National Laboratories found that homebuyers are willing to pay more for homes with Solar Panels. On average, homebuyers are willing to pay about $4 per watt of solar installed. The study included various states and PV markets, housing, and home types. This means home buyers are willing to pay $15,000 more for a home that has solar installed on top of it.
On the other hand, choosing to lease solar panels will decrease your home’s value. A leased solar system can lower a home’s value by 3%-8% in Massachusetts. Always finance or pay cash for solar panels so you can increase the value of your home. Never lease solar panels as they can decrease your home’s value.
There are now more than 1.9 million solar installations in the U.S. according to SEIA. This number is up from 2017 where CNBC stated that there were only 1.3 million solar installations across the U.S. Get your system installed today!
According to MA Real Estate News, “For a solar energy system of standard size, this adds about $15,000 to the home’s value. It is important to note, however, that adding solar panels to your home do not always increase the value by the amount the system costs. In some circumstance solar panels can in fact make your home harder to sell.”
Are Solar Panels Worth it in Massachusetts?
Yes, solar panels are worth it in Massachusetts because they don’t cost much to install and save you a ton of money. According to RealEstateBoston, “Buyers definitely see their value. The US Department of Energy surveyed 4,000 homeowners with solar power and discovered that buyers were willing to pay roughly $15,000 more for a house that included an average-size system.”.