In 2015, the Department of Energy reported that adding a solar array to your home could net you $15,000 more dollars at the time of sale than houses without the energy-producing modules, which was exciting enough.
Now a new study suggests that in the Northeast, where a number of solar markets are emerging on the national stage, the increase is even more astounding.
The study, conducted by Redfin, a national realty company, and Sun Number, which has developed an automated system to determine the solar potential of homes, teamed up to study how installing solar panels on homes in the northeastern United States affect home prices.
Sun Number’s automated system creates what it calls a “Sun Number” between one and 100 to assess the potential for a particular roof. The company claims that the number makes it easier for homeowners and home buyers to understand the actual solar potential of their current or future homes. For the purposes of the study, the combined companies looked at cities with an average “Sun Number” above 70.
Then Redfin examined those cities and determined which ones had the lowers percentage of homes mentioning “solar panels” in the sales listing. Using those criteria, the companies determined which cities would benefit from adding solar panels to more roofs to increase the resale value of the homes – in some cases significantly.
The average sales-price increase attributable solely to solar panels is almost $99,000 in the Northeast cities studied.
According to the survey, the Top 10 cities in the Northeast with the most untapped solar potential are:
1. Providence, RI
Median Sale Price: $139,400
Median Sale Price for Solar Listings: $329,000
Average Sun Number: 79
2. Rochester, NY
Median Sale Price: $107,000
Median Sale Price for Solar Listings: $136,500
Average Sun Number: 80
3. Syracuse, NY
Median Sale Price: $95,000
Median Sale Price for Solar Listings: $262,500
Average Sun Number: 84
4. Worcester, MA
Median Sale Price: $173,000
Median Sale Price for Solar Listings: $215,000
Average Sun Number: 82
5. Buffalo, NY
Median Sale Price: $108,000
Median Sale Price for Solar Listings: $200,000
Average Sun Number: 83
6. Boston, MA
Median Sale Price: $450,000
Median Sale Price for Solar Listings: $629,251
Average Sun Number: 71
7. Newark, NJ
Median Sale Price: $191,000
Median Sale Price for Solar Listings: $345,050
Average Sun Number: 76
8. Augusta, ME
Median Sale Price: $115,450
Median Sale Price for Solar Listings: $153,500
Average Sun Number: 75
9. Albany, NY
Median Sale Price: $171,495
Median Sale Price for Solar Listings: $243,750
Average Sun Number: 81
10. Concord, NH
Median Sale Price: $182,500
Median Sale Price for Solar Listings: $290,000
Average Sun Number: 72
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