There are plenty of places in the US where more people could go solar. The northeastern US, for instance, has a bunch of cities that aren’t taking advantage of solar power or the incentives that help make solar less expensive, according to research from real estate brokerage Redfin.
Redfin partnered with Sun Number to analyze which cities in the northeast had a high “Sun Number”—above 70 in its ranking scale while Redfin looked at which cities had the lowest percentage of homes where solar panels were mentioned in the listing description. It found that some of the cities were in states like Massachusetts or New York, both of which are pushing for more solar energy.
“The Northeast region of the United States might seem like one of those places that is lacking in the sunlight department when compared to areas like the West Coast, but there is actually a lot of untapped solar potential in that part of the country,” said Redfin’s Alanna Finn.
“There are a number of reasons why a homeowner would want to invest in solar panels for their home. While the initial cost of solar panels can be a bit steep (ranging anywhere between $15,000 and $40,000), the panels eventually pay for themselves over time, as the use of solar energy can significantly decrease the cost of utility bills,” Finn said. For instance, an increasing body of evidence shows that solar power adds value to homes in the US in at least six states.
They found that the top 10 cities in the northeast with the most untapped solar potential are:
1. Providence, Rhode Island
2. Rochester, New York
3. Syracuse, New York
4. Worcester, Massachusetts
5. Buffalo, New York
6. Boston, Massachusetts
7. Newark, New Jersey
8. August, Maine
9. Albany, New York
10. Concord, New Hampshire
“These areas would benefit greatly from investing in solar panels but have not embraced the energy source like other areas of the U.S. Redfin found that listings in this region that do mention “solar power” sell at a price premium,” Finn said.
Indeed in Providence, Redfin found the median selling price for a home was $139,400. The median selling price for a home with solar power was $329,000—nearly $200,000 more. Even in Rochester, where the difference was the least—the median selling price was $107,000 and the median selling price for a home with solar was $136,500 or just under $20,000 more—the cost of investing in solar is covered. That doesn’t account for the incentives that homeowners get for installing solar power like the Investment Tax Credit, which reduces the cost of solar power by 30 percent.Tweet