California Appraiser Adjustments For Solar Panels

Proper valuation techniques as applied to solar pv are necessary.

California appraiser adjustments for solar panels. According to a study conducted by the u s. The appraiser emphasized that solar panels are a new arena for appraisers the issue simply hasn t been around long enough for there to be a consensus on how to value the addition of the panels. When appraisers or real estate agents list a home on the market with solar they ll often just indicate that the home has solar panels. The skilled appraiser will take extra steps to understand the market s attitude toward solar.

I had a solar panel company come to my house a few months ago it would cost 21k to buy with the tax credit it would be 14k out of pocket even if it drops my electricity bill 50 per month that is approx 600 per year it will take 15 years just to recoup the cost and if you remember that good old class about the future value of a dollar. In areas where solar panels are prevalent however appraisers have a head start. You need to protect yourself from dishonest solar contractors who will overestimate the value of your solar panel system. The appraisal institute residential green and energy efficient addendum solar page can be attached to the mls upon listing the property used by appraisers to gather the specifics needed to value the system.

Solar panels and green homes are becoming increasingly more common in the marketplace. Determining the value of solar panels is an issue that has many appraisers asking questions. Whether the solar panels are leased and owned also may affect the appraisal. Financed panels as fixture to real estate may consider the solar panels in the value of the property based on standard.

If you ve seen a rise in solar panels in your area consider taking the first step toward competency in the valuation of this energy efficient feature of real estate. Department of energy homeowners investment in solar might be worth it. The survey included 4 000 homes with solar power systems and discovered that buyers were willing to pay around 15 000 more for a house that. To get any details like the kilowatt hours or age of the system appraisers have to call the installers themselves.

If the solar panels are then the appraiser owned cash purchase consumer debt not collateralized by solar panels or debt paid off may include the solar panel value based on standard appraisal requirements.