Solar panels are big business right now. The attraction of using all of nature’s assets to save energy is a huge draw for people. Most consumers pay little or no electricity bill and in many cases get a refund from the utility company.
I wanted to make you aware however that I heard that some Solar panel companies are telling potential clients that “It adds about $30k to the value of your home”.
When I looked into this further, and consulted with Appraisers who spend their days valuing home, it would appear that adding solar panels adds very little if anything at all to the value of your home. They are seen as ‘personal property’. One Appraiser I spoke to said “the way I look at it is you were a Buyer and was looking at 2 identical properties but one had solar panels, would you pay $30k more for that house”.
Another thing to consider is that most panels are leased so you have to read the contract to see what happens when you come to sell the house. In most cases I have seen, the new buyer has to qualify for the lease, which could become a problem if they can’t qualify. Your next option would be then you would have to buy the lease out at closing which will affect your net profit. This doesn’t apply if you buy the unit outright and you are leaving with the house.
I think Solar panels are a great concept, but I just don’t want you to be mislead that they are a huge asset to the value of your home.