Hello, my fellow solar enthusiasts! Today, we’re diving deep into the residential solar market. Many of you have asked questions about the popularity of solar arrays for home and the real tangibility of solar panels for your home as an investment. So, I did some intensive research diving into the numbers. MarketWatch’s recent study of Zillow listings has given us insightful data which sheds some important light on these questions.
When considering the switch to solar, many homeowners often ponder over the initial cost of installation. Speaking from figures, the Solar Energy Industries Association estimates that homeowners shell out approximately $25,000 to set-up residential solar systems. But here’s the beauty of it all, a good number of home buyers are actively looking out to purchase properties that are already equipped with solar panels.
In MarketWatch’s investigation, they used the keyword “solar” to sift through home listings relative to the local population in specific states and cities. The study revealed some interesting results. For example, did you know, Las Vegas has the highest number of solar-powered homes for sale in the U.S? Or that when you consider it per 100,000 people, Goodyear, Arizona holds the crown?
Zooming out a bit to look at the data on a state level, solar leaders California and Florida had the most solar-powered homes on the market with 6,014 and 2,852 residences, respectively. But here’s a twist! Looking at the number of homes for sale relative to population size, Hawaii and Nevada came in the lead.
Now, here’s where things get interesting for potential buyers. If you’re in the market for a solar home, know that New Hampshire enjoys the highest number of views of solar home per day clocking in at 1,799. In the city view, Irvine, California takes the lead with a staggering 2,188 daily views.
When it comes to price, solar companies, in general, have found their highest premium in Kansas, where buyers are paying a whopping 91.15% more for solar-powered homes. Surprisingly though, for those buying in sunny California, the premium at 4.13% is at the lower end nationwide.
MarketWatch suggests that the enormous number of solar homes on the market in Las Vegas is due to the rapid growth rate of solar-powered developments. Goodyear, Arizona’s high ranking, on the other hand, is attributed to the region boasting 300 days of sunshine annually.
Lastly, California homes have drawn the most interest from potential buyers with properties in Irvine logging 2,188 daily views. A major factor influencing this surge is the rising cost of utilities in these fast-developing cities.
So, if you’re currently wondering if a solar array for home is worth it, this data comes as promising news. Despite the location or the size of the solar array on your property, there is a growing market of buyers out there who value the investment you’ve made in solar energy. And that, folks, is a win for anyone looking to adopt a solar lifestyle.
So, for any of you considering this transition, remember, your decision not only impacts the environment positively but can also be a very wise financial investment. Until next time, let’s keep harnessing the power of the sun!
Original Article: https://pv-magazine-usa.com/2024/01/12/solar-home-sales-location-and-premium-price/
