You also need to identify the growth of your family and if you see electric vehicles in your future, you would definitely want to calculate that into you energy loads.
Value wise, typically the appraiser will add about $5,000 to the property value even if a lease. I don't recommend a lease because by 2020 when all the major price hikes have been implemented, the lease interests still keeps going up.
I'm BPI certified, done over 6 megawatts of audits and system designs with the largest Solar Company in the US and an Efficiency Sales Professional. You really should be consulting a professional that has the overall view and not just a company that wants to load your roof up!
I have solar on one of my homes and it's great - slashed my bills by 70% - I have a long time to pay back (15 yrs) because I installed in 2008.
It's delicate subject, Each buyer is different and as i am sure you already know, not two people think alike, i have heard from lots of my customers they wish i could find them a property that was more energy efficient but on the other hand there are concerns such as future cost of maintenance, Solar system could save the home owner money but it could also cost them even more if repair is needed. its just like a house with a swimming pool, it adds value to the property but it also decreased the number of potential buyers because of the expense that comes with it.
Nobody has them, well then be a trend setter!
Saving Electric bills is a very desirable extra for a home, Energy cost go up every month it seems so the savings overall are very attractive to buyers.
I recommend you check with the contracting company and determine design, so that can be submitted to your HOA and its architectural control committee first.
Also find out about government tax credits possibly available, which might help reduce cost of this home improvement for you. Best wishes with your green home improvement.
Harrison K. Long, Realtor, GRI, broker associate, Coldwell Banker Residential Brokerage, Irvine, CA.
I think in our area they are seen as a plus. I know they aren't beautiful...but many consumers have become quite "green" and as long as the financials make sense for your budget and the CC and Rs allow it...then do it.
As to your question of how the visual presence of solar panels might affect the value of your home, my opinion as a builder of 39 years, who builds high performance homes, is that you will find the presence of rooftop solar panels to be a re-sale advantage. There should be no doubt that the homebuying public increasingly is coming to recognize and value the importance of energy savings. For that reason a home that possesses such a visual roof-mounted statement related to energy efficiency also accurately infers far less vulnerability to future energy costs than will exist for homes lacking their own renewable energy source. This is not to say that neighbors who may lack your resources or foresight to take advantage of the present tax credits and other incentives for solar installations will approve, whether by reason of envy or a different sense of aesthetics; but, a future prospective purchaser of the home you envision, one containing its own source of renewable energy, will reward your investment decision.
Steve Seawright, Managing Member, Seawright Homes LLC, Builder and Community Developer
I am not a Realtor but I can tell you that homes with energy type improvements really do sell faster.
I can refer you to the company we used, I don't have the number in front of me, feel free to email me directly & I'll dig it up for you.
Realtor Since 1996
Short Sale Expert
Send me an email if you would like more information.
There are currrently interesting programs where the cost of the photovoltaic panels can be worked in to a mortgage refinance. I encourage you to look into that.
Cheers and good luck on your project.
More people are looking for ways to save money and the environment, if the savings is beneficial it may be worth it. I have heard it can take 10 years to recoup your investment.
Have an Amazing Day!
In a gated community there is likely a home owners association which would govern any major changes to the visible exterior of a home. I would start there and find out if this could even be approved before you invest any serious time or money into it.
Next, if they would permit the panels, I wouldn't count on resale but the payback you might receive during your stay in the home. For example, if the energy produced would return your investment in 3-5 years, it might make sense. If it's a 10 year period or more, with your stated history it might not make sense.
Part of gated communitiesâ€™ attraction to many buyers is uniformity. If you are one of the few homes with these panels on the roof, it could actually hurt resale if the system is not more broadly accepted in the market by then. Tread carefully and don't believe all the hype from the salespeople.