Brought to you by Scott P. Rogers, Funkhouser Real Estate Group, 540-578-0102, scott@HarrisonburgHousingToday.com
Brought to you by Scott P. Rogers, Funkhouser Real Estate Group, 540-578-0102, scott@HarrisonburgHousingToday.com
Tuesday, October 30, 2018
So, you're thinking of adding solar panels to your house? You might wonder if this will increase the value of your home -- or make it easier for your house to sell -- or make it more difficult for your house to sell.
All good questions.
I don't think there is one right answer. Here are some of my thoughts...
- Most home buyers seem likely to appreciate solar panels as to how they reduce their utility costs -- and thus should be willing to pay at least some amount more for the home as a result.
- We have not seen many homes with solar panels sell in this area to understand if / how buyers translate those utility cost savings into home value.
- Appraisers can / will likely make some adjustments to your home's value based on the existence of solar panels, but likely not for the full cost.
- Solar panels do not seem likely to reduce the value of your home to a buyer.
So -- if you're installing solar panels with the thought that you'll sell your home in the next year or two, it might not be advisable to do so. After all, you'd likely be passing on most of the cost savings over time to the next owner without the ability to cash in on that from a significantly higher sales price.
If you're installing solar panels and you plan to stay in the home for a while, but want to be sure that you'll be OK selling the home in the future, I suspect you'll be just fine, and will likely sell your home for more than if it did not have solar panels.
What are your thoughts on solar panels as it relates to home value? I'd love your input. Email me at scott@HarrisonburgHousingToday.com.
