You bought at the best time. California Purchases made after April 1, 2023 do not get the same electric company benefits.

When Solar panels became “A Thing” many Realtors tried to avoid transactions where a solar panel was involved if the panel was leased. At that time most of the panels were leased and the transfer process was confusing. Today most of the sales involving Solar do not present difficulties

 The commission that regulates California’s utilities voted unanimously to cut a key incentive for rooftop solar that helped make the state the largest solar market in the nation. The utilities commission voted to reduce the daytime compensation for excess solar power by around 75% for new solar customers starting in April 2023.

Before the vote, the commission had a time for public comment, where Californians could call in. The overwhelming majority of the dozens of callers said they wanted to keep the old incentive structure in place.

Most homeowners know that solar panels reduce energy costs and carbon emissions. Those long-term savings help boost your home’s property value. According to the National Renewable Energy Laboratory (NREL), your home value increases by $20 for every $1 you save on energy bills. For example, if your solar energy system saves you $700 per year, the value of your home increases by $14,000. 

Real estate agents and home appraisers have found that this also increases your market value when selling your home. A 2021 Zillow housing trends report found that 67% of homebuyers considered energy efficiency to be a “very to extremely important” inclusion for a potential home. Homebuyers are willing to pay $15,000 or more for a solar powered-home, according to a large-scale solar home study conducted by the U.S. Department of Energy’s Lawrence Berkeley National Laboratory (Berkeley Lab).

This push for energy-efficient homes translates to higher home sale prices for sellers. Nationwide, buyers will spend 4.1% more for a solar-powered home, or around $9,274. These boosted resale values are even higher in certain housing markets like California.