Prevost, L. (2015, February 20). Appraising Solar Energy’s Value. Retrieved March 1, 2015, from http://www.nytimes.com/2015/02/22/realestate/solar-panels-and-home-values.html?_r=0
The Department of Energy has found that homes with rooftop solar panels typically are sold for more than homes without. Their study analyzed sale data for about 23,000 houses in eight different states for 11 years between 2002 and 2013. Only 4,000 of the homes utilized solar energy systems, all privately owned (not leased by a solar company). The Dept. of Energy discovered that buyers would pay $15,000 more for a home with a medium sized solar photovoltaic system (3,6 kilowatts, or 3,600 watts) than a house without one. Especially in areas with high electrical costs, buyers are attracted to houses with solar energy systems. However, the appraisal process is difficult for green homes, as bank reviewers are unsure how to price them.
Hopefully this study will encourage a proper appraisal process for the value of sustainable features in homes. I figure if more people are willing to pay for solar energy, more solar energy systems will be implemented. I am curious how appraisal will work on leased systems – because they sometimes don’t need down costs.