Solar Energy Boom in Northeast Ohio: Implications for Real Estate

Solar Energy’s Impact on Ohio Real Estate

Despite having fewer sunny days than the national average, Northeast Ohio is emerging as a leader in the solar energy economy. This surprising development could have significant implications for real estate values in the region.

According to a recent article in Crain’s Cleveland Business (Palmer, 2024), Cleveland and Akron, along with three other Ohio cities, account for one-fifth of Bloomberg’s American Sustainable Cities. This positions Northeast Ohio at the forefront of national climate action efforts.

Key highlights from the article include:

1. A $156 million federal Solar for All grant awarded to Cleveland-based Growth Opps for residential solar installations in low- and middle-income communities.
2. Plans to install approximately 29,000 solar rooftop units at no cost to households in 31 communities across eight Midwestern states.
3. Ohio ranking 5th among solar states in 2023, with solar capacity growing by 1,230% year-over-year.
4. The state’s strong position in solar manufacturing and supply chain capabilities.
5. Bipartisan support for solar energy initiatives in Ohio, as evidenced by recent legislative efforts and survey results.

These developments could potentially impact real estate valuation in Ohio in several ways:

1. Increased property values: Homes with solar installations may become more attractive to buyers, potentially increasing property values.
2. Lower energy costs: The Solar for All program aims to reduce utility burdens, which could make properties more affordable and desirable.
3. Job creation: The growth of the solar industry is expected to create over 1,000 good-paying jobs, potentially boosting local economies and real estate markets.
4. Improved community resilience: As neighborhoods become more energy-efficient and sustainable, they may become more desirable places to live, positively impacting property values.
5. Attracting new businesses: The growth of the clean tech sector in Northeast Ohio could attract new companies and talent, potentially increasing demand for both residential and commercial real estate.

As Northeast Ohio continues to establish itself as a leader in solar energy, real estate professionals and investors should keep a close eye on how these developments might influence property values and market trends in the region.

Source: Palmer, K. (2024, June 27). Ohio puts itself on the leading edge of the solar energy economy. Crain’s Cleveland Business. Retrieved from https://www.crainscleveland.com/energy/northeast-ohio-leading-nations-solar-energy-economy