Solar Power Pays
Back in Denver
This is news! Solar power was shown, via a study in Denver, to add value to a home's sales price.
With the advent of great interest in energy efficiency, low carbon foot print and simply higher energy costs, it isn't surprising that green homes eventually would be more valuable.
Yet, Solar Energy has been dogged by the high cost of installation. Perhaps this is the break the solar energy needed to expand its residential foothold. I know it will be a win/win scenario as large acceptance will drive down the cost of Solar Energy(if all other industries would indicate), improve the cost efficiency of home owner ship and really lower our carbon footprint as carbon fuels usage could possibly decrease substantially.
Only time will tell. Read below for the scoop!
Homeowners in the Denver metro area over time increasingly have sought residential homes with PV systems,
And because the study looked only at homes in Denver, you shouldn't assume it automatically applies to homes in your area.
How much any one home feature, including a PV system, adds to home value is always a moving target, said Appraisal Institute President Richard Borges.
Good appraisers monitor the local market for changes in demand for PV systems, just as they do for other property features.
One big factor in the value of a PV system is the local cost for electricity. Where electricity costs are high, a PV system will likely have a better return on investment than in an area where electricity is relatively cheap.
The age and size of the PV system also influence its value. The Appraisal Institute study found value was most commonly related to the size of the property's PV system, followed by its age.
Larger systems typically sell for more than the smaller systems. Overall, the value added per kilowatt (kW) ranged from $1,450 to $2,570.
courtesy of Al Clark HomeAction Newsletter