Will my home appraise for more money with solar?
Will solar appraise?
It absolutely should…but you gotta work for it. Unfortunately, most Realtors® and appraisers have not received training on valuing solar in a real estate transaction. In order to ensure a fair shake from the appraisal industry, you must require a “competent appraiser” for your home. Green education is not required to obtain an appraisers license and it is your right, as a homeowner, to have a qualified professional. Look for one that has educated themselves on green valuation. Ask your Realtor® to discuss the green appraisal with the lender and appraiser to make sure they are qualified.
Renewable Energy, Solar
From there, prepare an appraisal packet. This should include a completed copy of the Residential Green and Energy Efficient Addendum. This document highlights all of the energy efficient aspects of your home. It will ask for specs on your solar panels, their history of energy production, the original cost to install, and any rebates/incentives you received. Additionally, it never hurts to include two years of utility billing data. Your Realtor® can meet the appraiser at the home or leave the packet on the counter where they can’t miss it. You should receive anywhere from $2,500-$5,000 per Kilowatt you’ve installed.
For more information about how to earn the highest value for your home with Solar PV, please contact us!
**Note: The timing of the appraisal will effect the timing of closing. Have your Realtor be in front of this so you don’t find yourself in an awkward situation where you may be faced with accepting a bad appraisal, missing your closing date or any other default scenario.