Green homes can net higher sales prices, according to a new study conducted by the University of California. Researchers analyzed 1.6 million home sales from 2007 to 2012 and found that green-certified, single-family homes sold for $34,800 more â€” or 9 percent more â€” than comparable non-green-certified homes in California.
In California, cities that also had the most electric vehicles and most eco-conscious, the sales price of green homes was even higher.Â
"We observed a phenomenon we've termed the 'Prius effect' â€” a positive correlation between the value of green home labels and environmental ideology, as measured by the rate of hybrid registrations," co-author Nils Kok, visiting professor at the University of California, Berkeley, told USA Today. In those identified areas, residents may view green homes as â€œa point of pride or status symbol,â€ he added.Â
Green homes were also found to sell for higher amounts in the warmest places in California. Researchers suggested the motivation may be the lower utility bills that green homes can offer.Â
Past studies that focused on the Seattle and Portland, Ore., marketsÂ have found similar results to this study, with green homes fetching more in home sales than comparable homes.Â
Source: â€œStudy: Green Homes Sell for 9% More in California,â€ USA Today (July 19, 2012)