Understanding the Solar Home price premium: Electricity generation and “Green” social status |
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| Authors: | Samuel R Dastrup Joshua Graff Zivin Dora L Costa Matthew E Kahn |
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| Institution: | 1. UCSD Economics and NYU Furman Center for Real Estate and Urban Economics, 139 MacDougal Street, 2nd Floor, New York, NY 10012, USA;2. UCSD and NBER, 9500 Gilman Dr. 0519, La Jolla, CA 92093, USA;3. UCLA and NBER, UCLA Department of Economics, USA;4. UCLA and NBER, Institute of the Environment, La Kretz Hall, Suite 300, 619 Charles E. Young Drive East, Box 951496, Los Angeles, CA 90095, USA;1. Maastricht University, Finance, PO Box 616, 6200MD Maastricht, Netherlands;2. Department of Economics, 549 Evans Hall, University of California, Berkeley, CA 94720-3880 |
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| Abstract: | This study uses a large sample of homes in the San Diego area and Sacramento, California area to provide some of the first capitalization estimates of the sales value of homes with solar panels relative to comparable homes without solar panels. Although the residential solar home market continues to grow, there is little direct evidence on the market capitalization effect. Using both hedonics and a repeat sales index approach we find that solar panels are capitalized at roughly a 3.5% premium. This premium is larger in communities with a greater share of college graduates and of registered Prius hybrid vehicles. |
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