How does having solar change the value of the home

Question

How is solar considered in terms of property value? I have 2 examples, if I have a potential listing where the owner just purchased a new system and is paying it off over the term of the loan, how would I weigh that against comps that do not have solar. In the second example, I find an unoccupied foreclosure that has solar on the roof that was bought free and clear(just as an example). Now how does this change the way I value it? I know most solar purchases are transferable to new owners but how much is this selling point worth and what value do I put on it in each scenario? I’m sure this is a more common occurrence now a days at least the first example so I’m just looking for insight. Thanks

Jacob D Adamczak · Answer

What maintenance costs? there are no moving parts and everything is warrantied and panels self clean in the rain. Any maintenance you really worry about is self imposed like extra cleaning

Jose Juarez · Answer

I can't speak to how it may affect the price in your particular market, but in my experience having a solar equipped home can be incredibly frustrating. It's almost like having a pool, it brings you value if the other homes in the neighborhood have a pool, but the extra maintenance costs can be a big putoff to buyers who are not interested in the extra demands.

Corey Kenney · Answer

Thanks! This link was very helpful especially because I live in New Jersey.

Ehsan Rishat · Answer

@Corey Kenney This will depend on the quality of the panelling and the amount of panelling being installed. This might help: https://www.costofsolar.com/is-my-home-worth-more-with-solar-energy/ The prices may vary between states. Try doing some more research on google. I'm sure you'll find your answer.

Good Luck!

Account Closed · Answer

Well I would like to share my thought here regarding solar system. Surely it effect the value of home and one will pay for more if having solar system but you need to consider the efficiency of solar plates as well as age. If they are not new, you may not pay for them.