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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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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 17200.

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Date of creation: Jul 2011
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Handle: RePEc:nbr:nberwo:17200

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Find related papers by JEL classification:

• Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters
• Q55 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Technological Innovation
• R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Production Analysis, and Firm Location - - - Housing Supply and Markets

References

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1. Matthew Kotchen & Michael Moore, 2007. "Conservation: From Voluntary Restraint to a Voluntary Price Premium," NBER Working Papers 13678, National Bureau of Economic Research, Inc.
   
   • Matthew Kotchen & Michael Moore, 2008. "Conservation: From Voluntary Restraint to a Voluntary Price Premium," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 40(2), pages 195-215, June.
2. Matthew J. Kotchen, 2006. "Green Markets and Private Provision of Public Goods," Journal of Political Economy, University of Chicago Press, vol. 114(4), pages 816-845, August.
   
   • Matthew J. Kotchen, 2003. "Green Markets and Private Provision of Public Goods," Department of Economics Working Papers 2003-05, Department of Economics, Williams College.
3. Wilhelmsson, Mats, 2008. "House price depreciation rates and level of maintenance," Journal of Housing Economics, Elsevier, vol. 17(1), pages 88-101, March.
4. Gary S. Becker, 1991. "A Note on Restaurant Pricing and Other Examples of Social Influences on Price," University of Chicago - George G. Stigler Center for Study of Economy and State 67, Chicago - Center for Study of Economy and State.
   
   • Becker, Gary S, 1991. "A Note on Restaurant Pricing and Other Examples of Social Influences on Price," Journal of Political Economy, University of Chicago Press, vol. 99(5), pages 1109-16, October.
5. Piet Eichholtz & Nils Kok & John M. Quigley, 2010. "Doing Well by Doing Good? Green Office Buildings," American Economic Review, American Economic Association, vol. 100(5), pages 2492-2509, December.
   
   • Eichholtz, Piet & Kok, Nils & Quigley, John M., 2009. "Doing Well by Doing Good? Green Office Buildings," Berkeley Program on Housing and Urban Policy, Working Paper Series qt507394s4, Berkeley Program on Housing and Urban Policy.
6. Heutel, Garth & Muehlegger, Erich, 2010. "Consumer Learning and Hybrid Vehicle Adoption," Working Paper Series rwp10-013, Harvard University, John F. Kennedy School of Government.
   
   • Heutel, Garth & Muehlegger, Erich J., 2010. "Consumer Learning and Hybrid Vehicle Adoption," Scholarly Articles 4448996, Harvard Kennedy School of Government.
7. Kahn, Matthew E., 2007. "Do greens drive Hummers or hybrids? Environmental ideology as a determinant of consumer choice," Journal of Environmental Economics and Management, Elsevier, vol. 54(2), pages 129-145, September.
8. Matthew E. Kahn & Ryan K. Vaughn, 2009. "Green Market Geography: The Spatial Clustering of Hybrid Vehicles and LEED Registered Buildings," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 9(2), pages 2.
9. Bagwell, Laurie Simon & Bernheim, B Douglas, 1996. "Veblen Effects in a Theory of Conspicuous Consumption," American Economic Review, American Economic Association, vol. 86(3), pages 349-73, June.

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Blog mentions

As found by EconAcademics.org, the blog aggregator for Economics research:

1. The Economics of Green Identity or How to Get Newt and Al Gore to Hold Hands and Jointly Support Reducing GHG Emissions
   by Matthew E. Kahn in Environmental and Urban Economics on 2012-01-21 18:04:00
2. Conservatives and Conservation
   by Matthew E. Kahn in Environmental and Urban Economics on 2012-06-11 15:48:00
3. Solar homesteads
   by James Wimberley in The Reality-Based Community on 2012-07-26 18:11:23
4. Some Economics of the Green Partisan Divide
   by Matthew E. Kahn in Legal Planet on 2012-09-03 15:55:52
5. My New Paper on the Price Premium for Energy Star Certified Homes in California
   by Matthew E. Kahn in The Reality-Based Community on 2012-07-19 22:39:10

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