Getting the Most Home Equity From an Investment in Solar Energy
Homeowners – many of which constitute your prospective solar installation customers – can do many things to increase the value of their homes. Some of those prospects may still be learning that all home improvements are not created equal when it comes to the equity they bring to the value of a home. Solar doesn’t just improve a homeowner’s quality of life as an investment in their energy security, but it’s also a sound home improvement strategy that can provide quite a boost to a home’s value.
As in all things real estate, location is everything. Adding solar power to a home will increase that home’s value regardless of where the home is located. But when it comes to how much of a lift in equity a prospective customer of your solar installation business should be able to count on by going solar, that varies considerably by state. In this post, we take a look at the states that are seeing the biggest lift in home value because of homeowners’ decisions to go solar.
California and Solar Power
Let’s start with the obvious. California is very far out ahead in terms of both solar power and median home value. But we should at least mention that California isn’t in the top ten when it comes to lift in median home value generated by adding solar power. That’s correct – the state with the most solar power isn’t in the top 20% of states when it comes to the value added from installing solar to a home. Is this because the state’s solar homes are so ubiquitous that buyers just aren’t impressed? Perhaps.
The East Coast and Solar
It may surprise some people to learn that the top three states where a homeowner can expect a significant lift in home value from installing solar are all on the East Coast. In fact, the state of New Jersey is number one, with a nearly 10% increase in home value coming with a solar installation.
After New Jersey, though, the lift that homeowners can expect in home value drops dramatically to just below 5% for both Pennsylvania and North Carolina residents. Other East Coast states that cracked the top ten include Florida (sixth) with a 4% expected increase, Maryland (eighth) with a 3.8% increase, New York (ninth) with 3.6%, and South Carolina (tenth) with 3.5%.
How the Rest of the Country Is Reacting to Solar
With the East Coast states taking seven of the top ten spots when it comes to expected increase in home value from adding rooftop solar, you might be wondering if an argument for equity can be made when selling solar in any other part of the country. Well good news can still be celebrated for solar installers operating in Louisiana, Washington, and Hawaii.
Louisiana came in fourth with a 4.9% expected increase in home value from installing solar, Washington is fifth in the nation (4.1%), and Hawaii tied with Florida for sixth place (4%).
Reaching a Home Solar Tipping Point Through Equity
If your solar installation business is operating in one of these states, you can start using this information in your sales calls, converting more customers to renewable, sustainable, solar energy while continuing to drive the trend. As solar continues to grow throughout the US, we’ll eventually reach a tipping point where it’s an expected feature of every home.
If things are not moving fast enough for your solar business, it may be time to jumpstart your sales and marketing efforts today. If you need help finding customers to sell solar power systems to, then consider working with a high quality lead generating company and buy exclusive solar leads to boost your business’s bottom line. RGR Marketing is here to help!
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