RESIDENTIAL PHOTOVOLTAIC ENERGY SYSTEMS IN CALIFORNIA: THE EFFECT ON HOME SALES PRICES |
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| Authors: | BEN HOEN RYAN WISER MARK THAYER PETER CAPPERS |
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| Institution: | 1. Hoen: Principal Research Associate, Electricity Markets and Policy Group, Ernest Orlando Lawrence Berkeley National Laboratory, Milan, NY 12571. Phone 1‐845‐758‐1896, E‐mail bhoen@lbl.gov;2. Wiser: Staff Scientist, Electricity Markets and Policy Group, Ernest Orlando Lawrence Berkeley National Laboratory, Berkeley, CA 94720. Phone 510‐486‐5474, E‐mail rhwiser@lbl.gov;3. Thayer: Chair of the Department of Economics, San Diego State University, 307 Nasatir Hall, San Diego, CA 92182. Phone 619‐594‐5510, Fax 619‐460‐2882, E‐mail mthayer@mail.sdsu.edu |
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| Abstract: | Relatively little research exists estimating the marginal impacts of photovoltaic (PV) energy systems on home sale prices. Using a large data set of California homes that sold from 2000 through mid‐2009, we find strong evidence, despite a variety of robustness checks, that existing homes with PV systems sold for a premium over comparable homes without PV systems, implying a near full return on investment. Premiums for new homes are found to be considerably lower than those for existing homes, implying, potentially, a trade‐off between price and sales velocity. The results have significant implications for homeowners, builders, appraisers, lenders, and policymakers. (JEL R31, D12, C33) |
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