Cindy Greenman (RE/MAX Synergy)

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Rainmaker
629,901
Ajay Pandya
e-Merge Real Estate - Columbus, OH
Realtor Ajay Pandya

It is a personal choice.

Jan 18, 2018 12:01 PM
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Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
Forestland Experts! 715-204-9671

Depends a lot on whether it is owned or leased.

Oct 23, 2017 09:04 PM
Rainmaker
793,147
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

I think any updated, particularly "green" system would always be a plus. However, your clients may not necessarily get dollar for dollar back on their investment.

Jan 19, 2015 02:27 AM
Rainmaker
6,161,142
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

It may be difficult to justify a solar system unless they are going to live in the property for many years. This is not usually going to be a good investment for retirees.

Jan 17, 2015 05:14 AM
Rainmaker
849,440
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

A federal government agency, quoted by the National Association of Realtors, has stated that photo-voltaic panels add a value of $15,000 to the value of new build and resale homes. (They do not state the generation capacity)

Be aware, the manner in which these panels are installed does have an influence on whether this value is realized.

I am unaware of ANY locations in Florida where excess electricity is sold to the power company and laws of the State of Florida prohibit selling this electricity to anyone else. (protected power company monopoly) For instance a shopping center owner can not install panels and sell electricity to business who lease.

My experience has been the VALUE is directly related to the demonstrated savings. Heating a pool could cost $200 a month for 4 months a demonstrated $800 annual savings. Add to that 60% of annual electric bill of $1,800. The total is a number very remote from the FED's $15,000 statement.

Here in FLORIDA, the value is in the eyes of the one who values it. The value MUST be demonstrable and the laws of the State of Florida make that very, very difficult.

Jan 17, 2015 03:13 AM
Rainer
279,648
Dipti Thakkar
LAER Realty Partners - Andover, MA
On a team with Praful Thakkar

It should be a good thing.

May 28, 2018 10:41 PM
Rainmaker
3,069,179
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

It would add to the value but perhaps not to the extent of the cost of the system

May 13, 2017 04:32 AM
Rainer
3,462
Cindy Greenman
RE/MAX Synergy - Frankfort, IL

Thanks so much for all of your insights! This has helped my former clients so much! Looking forward to learning more on this site! Cindy

Jan 18, 2015 09:53 PM
Rainer
87,333
Christina Botteri
REeBroker - Roseville, CA

To answer your question: I concur with those here who say that solar panels will not hurt - and in fact, may help - enhance the value of a home.

 

HOWEVER...

I currently live in California, I have a photo-voltaic solar panel system on my home, and I am a native Floridian. The reason I mention this is twofold:

1) Back in the early aughts, the state of California was very aggressive with incentivising homeowners to install solar panels. There was a window of time when it made economic sense to invest in a solar system - but imho, that day is long gone.

2) Weather has a very large part to play in determining how much electricity your panels will produce. Typically, when the Solar Panel companies discuss installation benefits they will use 'best' or 'better case' scenarios. No surprise; but consider that not just rain, but cloudy weather can significantly impair productivity - which in turn, slows your return on investment.

Please advise your clients to very, very carefully consider their options before committing to anything.  In an overwhelming number of cases, Floridians are better off passing on this idea.

~ C

ps. As your former clients review differenct ideas, it's really important to read the fine print.  Often, the options homeowners choose can impact their ability to sell or refinance in the future.

Jan 18, 2015 04:42 AM
Rainer
80,093
RVA HomePRO Michael Hottman
RVA HomePRO Realtor with Keller Williams serving Hanover, Henrico, Chesterfiled and Richmond, Virginia - Glen Allen, VA
Helping you achieve goals in life & real estate

When I lived in Florida solar didn't reduce any value to the homes, but also didn't increase the value either. It can be a selling point since it reduces energy usage, but it's also something that needs to be maintained (cleaned) and will eventually stop working - so like any other appliance will need to be replaced.

Jan 18, 2015 01:34 AM
Rainmaker
2,433,224
Evelyn Johnston
Friends & Neighbors Real Estate - Elkhart, IN
The People You Know, Like and Trust!

I would think that if you were in a Senior's community that solar power would be a desired benefit.  It would save on utilities for someone with a fixed income.

Jan 17, 2015 01:06 PM
Rainmaker
97,917
Jimmy Williams (352) 874-2354
Keller Williams Elite Partners IV - Mount Dora, FL
Lake and Western Orange County Real Estate Expert!

IMHO installing Solar Panels for production of energy should be a personal choice and not based on financial considerations.  Solar panels will depreciate with age just like shingles on the roof.  In Florida I have seen Solar Systems Installed that will reduce monthly electric bills close to zero.  Duke Energy in Florida does have a Net Metering Program, this program will buy excess energy from the home owner.  However I am not sure how long net metering will continue in Florida with Duke Energy.

Jan 17, 2015 11:51 AM
Rainmaker
407,561
Bill Dandridge
MKB, Realtors - Roanoke, VA
GREEN, ABR, GRI, EcoBroker

It would add a great value to me. As has been stated above, calculate how much they will sell back to the power company, and what the average previous bill were for the prior owner. That is only their yearly savings, and additional income.

Also, with the federal and state tax credits, a $30,000 installation with cost them much less.

Jan 17, 2015 10:04 AM
Rainmaker
4,799,006
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

I just read an article from an appraiser's website that they estimate that photo voltaic solar installations add about $15,000 to the value of a home, as a general average.

Jan 17, 2015 05:58 AM
Rainmaker
5,172,283
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Cindy,

If done tastefully, I cannot imagine that it would detract from the value of their home, I think it would be a bonus.  We have friends who are generating so much power from their solar installation that they are selling to the power company their extra power.  This also heats their pool year round.  For me it would be a big plus.

Jan 17, 2015 02:56 AM