Housing Market's Desire For Solar Energy Heats Up
May 05, 2022
The planet continues to get warmer and more and more American homeowners are looking for alternative, clean energy sources. Some make solar panels a must-have in their home while others are at least interested in learning more. Very few American home shoppers are indifferent or against solar energy solutions for their current or next home.
As a real estate agent, it’s important to have an understanding regarding this growth in solar interest, why it’s happening, and how it’s affecting local real estate markets. Read on to get in the know when it comes to solar so you can be a resource of knowledge on this issue for your clients.
Growth In Solar Energy Interest
According to a recent Rocket HomesSM study, 67% of non-solar households are interested in solar. That’s more than two thirds of homeowners! In addition, 27.2% of homeowners say they have or are in the process of getting solar panels or solar shingles. Of those who don’t have solar power in their homes, 66.5% are interested in getting it in the future.
The data is clear. Homeowners, for the most part, want solar energy powering their homes. This means solar panels are becoming a key factor in home purchases. It may not be as important as bedroom count or overall square footage, but it’s an element home buyers are paying attention to more and more. The next question you may be wondering is, “why is there such increasing interest in solar?”
Why Solar Energy?
So, why the sudden rising interest in solar energy? Well, let’s start with the data: 90.7% of homeowners with or in the process of getting solar cited the desire to lower their electric bill as a reason why they decided to get solar. Apparently saving money is at the top of the list for reasons people want to go solar.
Environmental responsibility is increasingly important to Americans as well. Homeowners are looking for alternative, clean energy sources and solar panels have become a popular solution in recent years. Reducing dependency on fossil fuels is important to many people, and using the power of the sun has become a popular choice.
How Solar Powered Homes Impact The Market
So, how does all of this impact the real estate market? Do homes with solar sell faster? Are buyers looking for homes with solar panels? The answer to both of these questions is a resounding yes.
Home listings with solar spend 13.3% less time on the market and are 24.7% more likely to sell over asking price. So, when you are listing a house it’s important to know that solar panels can be a big selling point in an already hot market.
This means buyers are looking for solar panels when they shop for homes. As you start to work with new buyer clients, knowledge about solar power is another tool to have at your disposal.
Understanding how the benefits of solar power are different throughout markets across the country is important too. Due to differences in local climate, economics and geography, going solar offers more benefits in some places than others. While solar power is good for the planet anywhere, these are the best cities to add solar to a home.
For example, cities like New York and Boston with high electricity rates offer some of the best opportunities for savings through going solar in the country. Your clients might be focused on these savings or have other reasons for wanting to go solar. Talk it through with them to see what their motivations are around solar energy early in the home buying and/or selling process.
As real estate agents, we’re always looking for ways to differentiate ourselves in our local markets. Be the expert on solar panels to give yourself an edge during your buyer and listing client presentations.
The Bottom Line: Solar Power Homes Are In High Demand
Saving on energy costs, increasing home value, and helping the environment are all reasons homeowners are turning to solar. Current homeowners can save money each month on energy bills and command a higher sales price for their home when it’s time to sell by installing solar panels. Buyers are looking for solar panels when shopping for their next home for these same reasons.
The data suggests this is a trend that will continue, so it’s good to be ahead of the curve when it comes to your knowledge on solar energy solutions. As an agent, you can use this knowledge to increase your expertise and service level for your clients.
America is going solar, so don't let your buyers and sellers get left behind. Ready to learn more? Check out the Rocket ProSM Insights Learning Center for the latest real estate and housing updates.
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