Full Title: An Analysis of the Effects of Residential Photovoltaic Energy Systems on Home Sales Prices in California
Author(s): B. Hoen, R. Wiser, P. Cappers, M. Thayer
Publisher(s): USDOE Lawrence Berkeley National Laboratory
Publication Date: 4/2011
Length: 60 pages, PDF
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An increasing number of homes with existing photovoltaic (PV) energy systems have sold in the U.S., yet relatively little research exists that estimates the marginal impacts of those PV systems on home sales prices. A clearer understanding of these effects might influence the decisions of homeowners considering installing PV on their home or selling their home with PV already installed, of home buyers considering purchasing a home with PV already installed, and of new home builders considering installing PV on their production homes. This research analyzes a large dataset of California homes that sold from 2000 through mid-2009 with PV installed. Across a large number of hedonic and repeat sales model specifications and robustness tests, the analysis finds strong evidence that California homes with PV systems have sold for a premium over comparable homes without PV systems.