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Answers (6)
- Carmen Brodeur, "Scottsdale AZ"
- Contributions:1035
In Arizona, there are many home buyers interested in solar powered homes. It is a great benefit. Exactly how much value it increases to the home depends on the square footage of the home and the amount of solar panels.
- openup
- Contributions:104
it will add dollar to your sales price, i market where values are dropping. If your in a upscale area that can afford the increase in values. It could be an attractive selling point, especially if the buyer is a big energy consumer or the home is very large.
Also, the technology is evolving, you don't want a aged system, when the future is at your door steps.
Also, the technology is evolving, you don't want a aged system, when the future is at your door steps.
- Jeanne Moyer, "Jeanne Moyer"
- Contributions:60
Valuing features such as solar depends on how many other homes like yours have added PV. Appraisers can only add value for comparable features in similar homes. It's slow to get a body of homes with energy efficiency features in an area to use as a comparison basis.
Locally, the Triangle MLS has fields where agents can check off features such as solar PV, solar hot water or passive solar. This starts to build a database of homes that have solar features. Appraisers use the same data as agents to appraise a home. The Triangle is one of the few MLS databases that have check boxes for certified green homes and a list of green features. It's a step in the right direction.
If you want to be off the grid and don't have immediate plans to sell your home...enjoy! NC GreenPower pays handsomely for solar generated power to put back into the grid during peak times. Your utility company or associated firms may pay you well enough for the solar to be a money making feature.
NC has substantial rebates and tax incentives. Search the DSIRE database which is maintained by NC State University for incentives available in each US state.
If you are wanting to add a feature that will provide a substantial ROI to add to the value when you sell your home, check out the annual Cost vs. Value survey for ideas on what the return is per feature. REMODELING magazinehas been collecting data for 22 years normed to US regions. You might want to pick another feature for a more reliable return.
Locally, the Triangle MLS has fields where agents can check off features such as solar PV, solar hot water or passive solar. This starts to build a database of homes that have solar features. Appraisers use the same data as agents to appraise a home. The Triangle is one of the few MLS databases that have check boxes for certified green homes and a list of green features. It's a step in the right direction.
If you want to be off the grid and don't have immediate plans to sell your home...enjoy! NC GreenPower pays handsomely for solar generated power to put back into the grid during peak times. Your utility company or associated firms may pay you well enough for the solar to be a money making feature.
NC has substantial rebates and tax incentives. Search the DSIRE database which is maintained by NC State University for incentives available in each US state.
If you are wanting to add a feature that will provide a substantial ROI to add to the value when you sell your home, check out the annual Cost vs. Value survey for ideas on what the return is per feature. REMODELING magazinehas been collecting data for 22 years normed to US regions. You might want to pick another feature for a more reliable return.
- Charlottesville Real Estate, "Charles McDonald"
- Contributions:230
It really depends on your location but with the new age of alternate power it could surely win over many buyers.
- Nancy Lee, "An OrderLee Home"
- Contributions:1195
Have solar powered houses in your area sold? How long were they on the market? How close did they come to their initial asking price? - If you don't know, add those questions to your research assignment. Maybe where you live solar power is 'in'. Maybe only a subset of people are motivated by getting off the grid.
Generally, and speaking as a stager, we do not recommend spending the big bucks on anything that reduces your target buyer's pool. When you sell, you want the largest pool of buyers you can have.
If you plan to live there for many years - enough to (statistically) fold the cost of conversion into the (hopeful) increase in your home's value - then go for it...For yourself.
Generally, and speaking as a stager, we do not recommend spending the big bucks on anything that reduces your target buyer's pool. When you sell, you want the largest pool of buyers you can have.
If you plan to live there for many years - enough to (statistically) fold the cost of conversion into the (hopeful) increase in your home's value - then go for it...For yourself.
- Jeffrey Jonas, "Owatonna Inspector"
- Contributions:8
I have a few questions to start with.
Are you planning on doing this to a home you are selling? Are you doing this only to try and increase the value of the home you are selling? Is this home in an area that is predominately sunny? As a solar dependant home, is there a high demand for this in the area of the home? Or, are you attempting to take advantage of the growing 'Green' movement? As you should be aware, people looking for solar dependant homes are a very 'niche' market. You will literally turn potential buyers away when they learn of this.
I am sure you will get many 'opinions' to your question, but I caution you to remember that all of them will be only opinions (including mine). The only true answer will come when the home sells, as true value is what someone is actually willing to pay for something.
Although (initially) the only electric bill is $18, there will be many other expenses involved. The system will cost many thousands of dollars. The installation will also be many thousands of dollars. Permits $$$ Maintenance $$$ Repairs $$$ Battery replacement $$$ The ROI (return on investment) is very long term.
I recommend that you spend literally many hours doing your due diligence, either at the library or online. Read reputable information on the 'Green' movement, and discover what truely constitutes 'Green'. You will be very shocked at what you find.
Bottom line, if you are doing this for a home to be sold, do not do it. If you are doing this for a home you intend to live in for many years, than only you can determine the true 'value', for yourself.
Good luck.
Are you planning on doing this to a home you are selling? Are you doing this only to try and increase the value of the home you are selling? Is this home in an area that is predominately sunny? As a solar dependant home, is there a high demand for this in the area of the home? Or, are you attempting to take advantage of the growing 'Green' movement? As you should be aware, people looking for solar dependant homes are a very 'niche' market. You will literally turn potential buyers away when they learn of this.
I am sure you will get many 'opinions' to your question, but I caution you to remember that all of them will be only opinions (including mine). The only true answer will come when the home sells, as true value is what someone is actually willing to pay for something.
Although (initially) the only electric bill is $18, there will be many other expenses involved. The system will cost many thousands of dollars. The installation will also be many thousands of dollars. Permits $$$ Maintenance $$$ Repairs $$$ Battery replacement $$$ The ROI (return on investment) is very long term.
I recommend that you spend literally many hours doing your due diligence, either at the library or online. Read reputable information on the 'Green' movement, and discover what truely constitutes 'Green'. You will be very shocked at what you find.
Bottom line, if you are doing this for a home to be sold, do not do it. If you are doing this for a home you intend to live in for many years, than only you can determine the true 'value', for yourself.
Good luck.
If I made my home solar dependant, how much would the value increase?
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