Appraisals of homes with rooftop solar panels
A multi-institutional research team of scientists at the Department of Energy Berkeley National Laboratory utilized cost estimates, income estimates and side-by-side comparisons to similar non-solar homes to conduct an evaluation of whether rooftop solar panel systems increased home value. Their finding? Based on their research, solar panels that were owned by a homeowner did boost value.
The team compared approximately 4,000 solar rooftop homes in eight states and 12 years to approximately 19,000 comparable non-solar homes. They found that buyers were generally willing to pay around $15,000 more for an average 3.6kW host-owned solar system house than a comparable non-solar home.
FHA and Fannie Mae agree with this assessment. If you own a home with a solar system, the FHA requires that the value be assessed and added to the total appraisal value of your home when you want to sell it. Likewise, Fannie Mae has indicated that your solar energy system’s value may be included in an assessment of your home if you are the owners of the system.
This is big news to the burgeoning number of homeowners with solar panels. In 2016, America reached the milestone of 1 million solar systems nationwide. While it took 40 years to get to 1 million, experts estimate that it will take only 2 years to get to the next 1 million systems.
The utilization of solar panels on homes is clearly on the rise driving by their environmentally-friendly nature, efficiency and now perceived extra value you may received when it is time to sell your home.
Go green and increase the value of your home with a solar energy system.
With Vinyasun, homeowners have the option to switch to solar energy for zero down. Contact us to schedule a free consultation and receive a completely optimized quote and proposal for going solar and owning your own system.