[The Vector] Solar Homes Sold Faster and Better, Says NREL
The National Renewable Energy Laboratory (NREL) published an extensive report (in excess of 400 pages – the link is here)studying several California subdivisions before the housing crash. Entitled “A New Market Paradigm for Zero-energy Homes: The Comparative San Diego Case Study”, the study focused on the builder experience, the market response, home values and cost of electricity in the solar study group and adjacent comparables. It concluded that homes with installed solar systems sold faster than those without solar, and they sold at a higher price (17% higher).
Shea Homes put solar PV and solar thermal systems on half of its homes in a new development. All 257 of the homes with solar sold within a year, two years faster than expected. Clarum Homes, another developer in the test group, found that their solar homes sold in 23 months while their non-solar homes sold in 28 months.
NREL conducted extensive interviews with home buyers in the test developments, and the home buyers also signed releases to provide data on energy costs. It was discovered that if solar was already on the home and was factored into the price, buyers were more likely to pick the home with solar over non-solar. If a home did not have solar already installed but rather included it as an extra upgrade, the decision was usually nixed. It simply became one more decision to be made at time of purchase by overwhelmed buyers.