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Selling your house? Solar panels can help you get more for it

Aly J. Yale
The Mortgage Reports contributor

Solar panel selling power

Have solar panels? Then you might consider selling your house. According to new data, homes with solar panels fetch a premium when compared to other properties.

Verify your new rate (Jun 24th, 2019)

A sunnier sale

According to new data from Zillow, homes with solar panels on them sell for 4.1 percent more than other comparable properties. On a median-priced home, that equates to nearly $10,000 more.

As Zillow’s senior economist Sarah Mikhitarian explains, “One reason houses with solar-energy systems sell for more than those without them is because they can provide substantial future energy cost savings. For homeowners who know they consume a lot of power, these future savings are worth spending a bit more money up front.”

Zillow’s recent Consumer Housing Trends Report proves how valuable efficiency is to today’s homebuyers. According to the report, more than 80 percent of recent buyers said energy-efficient features were important to them.

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Solar panels by city

The solar panel sales premium varies from city to city. They fetch the highest price in New York City, adding 5.4 percent to the average home price — or around $24,000.

They also bring in serious cash in Orlando, Florida (a 4.6 percent higher sales price) and San Francisco (4.4 percent). That translates to around $11,000 and $41,000, respectively.

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In cities like Los Angeles and Riverside, California, solar panels still bring in extra money — but not nearly as much as the national average. Solar panels add just 2.7 percent to a home’s sale price in Riverside and 3.6 percent in Los Angeles.

Verify your new rate (Jun 24th, 2019)

Get today’s mortgage rates

Are you planning on selling your house and buying a new property? Then shop around and see what mortgage rates you qualify for today.

Verify your new rate (Jun 24th, 2019)