How Much More Did Homes With Rooftop Solar Sell For?
Summary
In a Lawrence Berkeley National Laboratory study of 22,822 home sales across eight states from 2002 to 2013, 3,951 of them with PV, the premium averaged about $4 per watt, or roughly $15,000 for the average 3.6 kW system of the time. That study covered only homeowner-owned systems. A later LBNL study of California homes with leased or other third-party-owned systems found no statistically significant premium.
Three LBNL studies
| Study | Sample | Finding |
|---|---|---|
| Selling Into the Sun (2015) | 22,822 sales (3,951 with PV) in eight states, 2002 to 2013; owned systems only, homes up to $900,000 | about $4/W, roughly $15,000 for 3.6 kW |
| Appraising into the Sun (2015) | seven areas in six states; appraisers built 43 pairs of comparable PV and non-PV homes | $2.68 to $4.31/W, averaging $3.78/W, about $14,000 for 3.8 kW |
| Leasing Into the Sun (2017) | 20,106 California sales, 2011 to 2013 | no statistically significant premium for third-party-owned or prepaid-lease PV homes |
The eight states in the first study were California, Connecticut, Florida, Massachusetts, Maryland, North Carolina, New York and Pennsylvania. Its fact sheet adds that the market appears to depreciate PV systems in their first 10 years faster than their efficiency declines.
How Fannie Mae treats the panels in a mortgage
Fannie Mae's Selling Guide (B2-3-04, October 8, 2025) applies its standard appraisal, insurance and title requirements when the borrower owns the panels, whether they were bought with cash, included in the home price or financed and paid off. For leased panels and power purchase agreements, the value of the panels cannot be included in the appraised value.
Separately financed panels cannot add to the property's value unless the documents show they cannot be repossessed on default. Lease payments generally go into the debt-to-income ratio, while PPA payments calculated solely on energy produced may be left out.
Sources
- Lawrence Berkeley National Laboratory — Selling Into the Sun: Price Premium Analysis of a Multi-State Dataset of Solar Homes
- Lawrence Berkeley National Laboratory — Selling Into the Sun (report LBNL-6942E, 2015-01-13)
- Lawrence Berkeley National Laboratory — Selling Into the Sun Fact Sheet
- Lawrence Berkeley National Laboratory — Appraising into the Sun: Six-State Solar Home Paired-Sales Analysis
- Lawrence Berkeley National Laboratory — Leasing Into the Sun
- Fannie Mae — Selling Guide B2-3-04, Special Property Eligibility Considerations (2025-10-08)
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