Being the Sunshine State, Florida is one of the best regions of the country to take advantage of solar energy. While there is a substantial up front cost for the installation of a solar power system, the overall value achieved can be compelling. Beyond the years of savings that can add up, there is the satisfaction that comes from owning an environmentally friendly home.
Solar power is more desirable than ever for a variety of reasons beyond just “going green.” Some homeowners get a great deal of satisfaction relying less on the local power company. If a battery back-up system is added, an owner can withstand power outages. Solar Power Impacts Home Value in a very positive way.
Moreover, energy costs tend to fluctuate. Having reliable solar power can give a homeowner the peace of mind of knowing that their costs will stabilize. The overriding issue when it comes to solar for most people is if it’s financially worth it. What if they plan to move in the next few years, then what? Well, there is potential good news from a study on that very subject.
Recently, a first of a kind study named “The U.S Solar Market Value Report,” revealed the estimated retained value of adding solar to a home. The study analyzed at three markets, Massachusetts, California and Arizona. Looking at these three different markets can give us a fairly good idea what we can expect in Florida. The retained value for example, in Massachusetts is around $2.17/watt, while California is $3.93/watt.
According to the source, U.S Solar Market Value Report, even a home sold with a system 12-years of age will retain 50% of the increased value of that system. In summary, installing solar or buying a house with solar power energy is not only good for the environment, but most likely a financially sound move. Solar Power Impacts Home Value can be significant in Florida real estate.
Jim Mulligan with research assistance from Jesse Ialuna