In 2015 the Department of Energy and Berkeley Laboratory conducted a study and their findings were pretty amazing.
On average, solar panels add $20 of value for every $1 you save on your electric bill. So if you saved $200 a month on your electric bill with solar panels, you’d have an additional $4,000 of value added to your home.
According to a comprehensive report done by the US Department of Energy and National Renewable Energy Laboratory (NREL), they found that:
Here’s more data from Zillow research that shows homes with solar panels installed sell on average for 4.1% more. And it varies depending on where you live.
City | Overall Homes | Green Homes |
---|---|---|
St. Petersburg, FL | $283,450 | $734,450 |
Knoxvile, TN | $185,000 | $461,000 |
Birmingham, AL | $184,500 | $450,000 |
Austin, TX | $850,000 | $2,000,000 |
New Orleans, LA | $219,5000 | $507,500 |
Wilmington, NC | $267,000 | $605,000 |
Oklahoma City, OKC | $170,750 | $357,500 |
Chander, AZC | $410,000 | $858,000 |
Nashville, TN | $300,000 | $601,030 |
Virginia Beach, VA | $328,500 | $650,000 |