Make Sure That Solar System Has Value
Remember all the claims made by solar companies about the value of rooftop solar systems? Well, it turns out they were right. And a study out from the US Department of Energy and Lawrence Berkeley National Laboratory backs that up. The study is called “Selling Into the Sun: Price Premium Analysis of a Multi-State Dataset of Solar Homes.”
What they did was look at tens of thousands of sales over eight states from 2002-2013, including properties that had solar systems installed at the time of sale and those that did not. What they found was that both new and existing homes sold for $15,000 more on average with a solar system than those that did not have one.
That is a noticeable number. It’s one of the first times substantial figures have been offered to quantify solar homes for the market. It says that if you can lower the operating costs of a home and provide energy independence, that’s worth something.
So, everyone knows this. Right?
No, in fact very few people take this into account. If you are going to buy or sell a property with a solar system, you need to make sure the people involved in the transaction are familiar with how to give the system value. That includes the listing agent, the selling realtor, the lender, and the appraiser. The appraiser will use a form called the energy addendum to help quantify the value of the solar system. As well as any other energy related improvements on the property.
You would be surprised how many appraisers have no idea about this, and how many lenders and realtors don’t even know to ask. Since energy costs are becoming an increasing consideration for owning property, make sure you are working with professionals who know what they are doing in this regard. This includes familiarity with the incentives and financing available for energy-related improvements.
By the way, the figures quoted in the study are only for purchased solar systems that are part of the real estate. Leased systems were not included in the study, so this is an important distinction to make. Leased systems have become popular in the last few years, but there are still many questions to be answered. Such as the assumption of leases by subsequent buyers, and the appraised value of the system at the end of the lease. (The appraiser is usually hired by the leasing company). The effects of these leased systems remain to be seen.
Now this research concludes what we’ve assumed all along: people who have purchased solar systems for their homes and businesses have made a substantial investment that has lasting value.
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