August Solar Statistics – Rising Trends and Market Insights

By Rob Madden

Home Sale Solar Lease, owned, Phoenix, Phoenix AZ, Phoenix Real Estate, Phoenix Solar Lease, Residential Solar, selling, solar energy, solar statistics

In recent times, solar homes have emerged as a preferred choice for many homebuyers, presenting a sustainable and environment-friendly option. Phoenix, AZ, has been no exception to this trend. The August solar statistic report presents the current market scenario of solar homes in Phoenix and offers insights into how these trends compare to the broader resale market.

1. Volume of Sales: In July 2023, Phoenix recorded a total of 522 solar home sales. This data point is significant as it reflects the growing interest in solar homes among Phoenix residents and how they are gradually becoming an integral part of the real estate market.

2. Solar Homes’ Market Share: Solar homes accounted for 8.9% of the total resale market in Phoenix. While this might seem like a single-digit percentage, it is essential to note that this niche segment has seen continuous growth and may witness further expansion in the coming years.

3. Pricing Dynamics: The median price for a solar home in Phoenix stood at $465,000. This price is 7% higher than the median price of a resale home, which was $435,000. This price difference indicates that consumers are willing to pay a premium for homes with solar installations, appreciating the long-term benefits such as reduced electricity bills and sustainable living.

4. Asking Price Realization: Solar homes sold for an impressive 99% of their asking price, matching the trend seen in the larger resale market. This congruence shows that the pricing dynamics and buyer sentiments for solar homes are in line with the broader housing market.

5. Time on the Market: Solar homes were on the market for an average of 55 days before being sold. This is almost identical to the 56 days recorded for the general resale market. It’s a testament to the increasing demand for solar homes and their comparable attractiveness to traditional homes.

6. Ownership vs. Leasing: Of all the solar home sales, 51% were homes where the solar installations were owned. In contrast, 49% represented homes where the solar was leased. This nearly even split indicates the flexibility and options available to potential buyers, catering to different financial capacities and preferences.

Additional Information on Selling Solar Homes:

  • Energy Savings: One of the primary benefits of owning a solar home is the substantial reduction in monthly electricity bills. Over the lifespan of a solar system (25-30 years), homeowners can save thousands of dollars.
  • Federal Incentives: While specific incentives may vary from year to year, the federal government has, in the past, offered tax credits for installing solar panels. Buyers should check current incentives as they can significantly reduce the overall cost of solar installations.
  • Environmental Impact: As more consumers become environmentally conscious, solar homes provide an excellent option to reduce one’s carbon footprint. A single residential solar system can offset a significant amount of CO2 emissions over its lifetime.
  • Increased Home Value: Multiple studies have shown that homes with solar installations often fetch a higher market price compared to their non-solar counterparts. As energy prices rise, this premium is expected to increase.

In conclusion, the August solar statistics underscores the burgeoning popularity and recognition of solar homes in Phoenix, AZ. With a strong market response in terms of pricing, time on the market, and sales volume, solar homes are set to play an even more prominent role in Phoenix’s real estate landscape.

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Rob Madden

About the author

Rob Madden is an experienced real estate broker in the Phoenix metro area, having worked in the industry for over 28 years. He has helped many home buyers and sellers navigate the local real estate market, and is considered a trusted expert in the field. Rob is committed to making the buying or selling process as seamless and straightforward as possible for his clients, and provides hands-on assistance at every stage of the transaction. In his free time, Rob enjoys being a Scoutmaster for a local Scouts BSA troop, hiking, backpacking, photography, and playing pinball.

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