So what happens after you have install a solar panel system on your roof and you go to sell your home, will the house appraise for more? This is something to think about before the you install solar.
My 5th video interview with Mary Coonce of Porchfront Homes.
SolarDave: I know you sell new homes, but I was wondering if you could speak to the resale value of a home with solar panels? What happens when you go to sell the solar home?
Mary Coonce: People do sign an agreement that they are going to take care of this for X number of years, so when the new buyer comes along – they basically transfer that agreement on to them, that is a little more responsibility. Did you know about that?
SolarDave: No. (Cool, tell me more)
Mary Coonce: When you install solar panels on your home – because of the fact that Xcel Energy gives you a rebate you have to sign to say that I agree to keep this functioning for the next X number of years.
I am not sure how enforceable it is these days.
I am old enough to remember the solar panels of the 70′s and a lot of people let them go, now it is a lot better, they look a lot better, more attractive, more bomb proof, and now people have the mind set of – hey this does add value to my home. I wanted to put solar on my old house anyway and now I can buy a house that already has it on there.
The appraisers have gotten on board – and the bankers too, that helps people justify – oh ok I am going to buy this house and it is sitting here at $665k and its neighboring house is $650k , this one doesn’t have solar and this one does but the appraiser says yea, the value is there, then people will say OK great whether they are green or not. If someone is more of an energy efficient person anyway they are going to go for the solar, but the fact the lender will allow them to say the house is worth more.
There is a big change in the appraisals now that was not there in the 70′s. Before it was more of a boutique sort of thing now it is more main stream.
