Can solar panels increase your home’s value?

The explosive growth of the solar industry over the last decade may have you wondering how the energy source has affected other markets. The job market, for example, has been positively impacted by solar investment. Renewable energy projects mean new high-paying jobs.

Another industry that benefits from solar energy is real estate, shown through the increased value of homes with or near solar panels. Read on to learn more about the impacts utility-scale and rooftop solar have on home property value.

Nearby solar and your property value
When you drive by a solar farm, you might be amazed at how neatly the quiet but mighty solar panels are organized. Some ground-based solar sites span a large farm, while others cover a much smaller piece of land. Powered by the sun, solar farms generate power from the sun and feed it into the grid, supplying thousands of homes and businesses with clean electricity.

An Illinois study from Solar Energy Industry Association (SEIA determined that “large-scale solar arrays often have no measurable impact on the value of adjacent properties, and in some cases may even have positive effects.” The same study showed that the value of properties within one mile of a newly installed solar farm increased by an average of two percent.

Rooftop solar and your property value
Rooftop solar panels allow customers to take maximum advantage of sunlight to power their homes, contribute to a Clean Energy Future, and reduce future energy costs. A national Zillow study found that homes with rooftop solar sold for 4.1% higher than homes without solar.

While rooftop solar is a big investment up front, it can pay off in the future with cost savings. If solar rooftop panels are something you’re considering, our home-solar resources can help you decide if they’re right for you and your home.

Community hosted solar is another great option for those who are not ready or able to invest in rooftop solar but are interested in taking part in the retirement of coal and transition to clean energy.

While 2022 was a big year for solar, projections for solar in 2023 show even more growth. If you’re considering moving near a solar farm or installing rooftop solar, you can rest assured that your property value is safe. Check out our recent blog on the exponential growth of the renewable energy industry and get excited about the future of clean energy!