I get this question asked of me more and more recently. “We are thinking of installing solar panels to our home but are curious as to how much more our home will be worth when we get it appraised” This is best answered by explaining the appraisal process. When an appraiser is trying to determine the value of your home in the market they need to find homes that have sold and close of similar condition, size and area. That would mean that they would have to find houses that meet that criteria AND also had solar panels installed on their home. If no homes in the same area had solar panels the appraiser has a couple of different options. The most common would be to do a typical appraisal on your home pretending that you don’t have solar panels then branch out to areas that do have sales data with solar panels and try to do a price comparison of homes that sold with solar panels and homes that sold with out solar panels. Once they can prove what the difference is that value can be added to the value of your home. At this point there is not a lot of sales data with solar panels to prove a direct price increase in your home just because you have solar panels. This is a case by case scenario so please contact me if you would like a more detail analysis of your home situation.
Obviously there are other benefits to adding solar panels to your home and I will address those in a future post. Stay tuned and check back…
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