The housing market is booming not only in the US, but across Europe, Australia, and other Asian countries. The cost to own a decent home is nearing a minimum of $500,000. While the value of a house is based on the development of the surroundings, the latest report from Cotality titled “Watt’s it Worth” sheds light that homes with solar panels are generally valued 2.7% higher.

That’s an extra $21,350 in valuation compared to houses without solar panels. This also helps homeowners save on bills, leading to efficiency and clean energy consumption. The housing market is seeing an uptick in prices, and installing solar panels would add to a better selling prospect. Real estate brokers are also urging buyers to consider purchasing houses with solar panels.

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“These findings highlight that homes with energy and efficiency upgrades are delivering not only long-term energy bill savings and comfort, but also measurable price premiums at a time when cost-of-living concerns are top-of-mind,” said Tom Coad, Senior Director, Banking and Finance at Cotality. The real estate market is now being reshaped in energy efficiency, leading to features equipped with sustainability.

A $21,350 Extra Valuation For Houses With Solar Panels

The market shift highlights that houses with premium and energy-saving devices can fetch extra amounts in valuation. Consumer preferences are shifting due to rising electricity and gas bills eating up their wages. Houses with solar panels come with “improved comfort and lower running costs,” read the report.

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Apart from finances, houses are being lined up for sustainability over the long term. The real estate sector is seeing an overhaul where builders are now pre-installing solar panels on houses. New and first-time home buyers are looking into various aspects and standards in residential property. Energy dependency is among the boxes that are being ticked for the current generation.