Selling a house with solar panels? Here are some things to consider
With all the news about renewable energy and focus on “green” living, more people are considering solar panels on their homes. But how do potential home buyers view solar? What should you consider if you are selling a house with solar panels?
To get a sense of the immediate market for selling a house with solar panels, we enlisted real estate expert Bill Gassett. Bill has written about solar before, and is a thirty-seven year veteran of the real estate industry and is well known in real estate social media circles due to his writing at Maximum Real Estate Exposure. Bill also has been mentioned or a featured author for many publications including the NY Times, CNBC, The National Association of Realtors, Credit Sesame, RIS Media and Inman News, among others. Currently, Bill works for RE/MAX Executive Realty in Hopkinton, Massachusetts.
Are you seeing an uptick in the number of homes for sale that have adopted solar panels?
Over the last several years I have seen more people adding solar to their homes. The primary reason for adding solar is to see a reduction in the costly energy bills we have been experiencing. Massachusetts is especially expensive when it comes to utility bills.
Are you seeing a demand for buyers looking for properties with solar panels?
While many love the idea of having lower homeownership costs, I have not specifically had buyers request homes that have solar power.
How does putting solar panels on your house affect resale value?
Whether there is a return on investment with solar depends on the placement. A solar system on the front roof of a home is often an eye-sore and can drastically change a home’s appearance.
It is especially displeasing when added a solar system to a luxury home. People do not want to look at something grandiose only to be turned off by a bunch of solar panels visible from the street.
What is the positive or negative effect on sale price from solar panels?
It really depends on where on the house they are located. When the panels are on the front of the house, it can make homes harder to sell. There will be little, if any, gain in this circumstance.
On the other hand, I have seen a small amount of ROI for home sellers who can show that their utility bills are appreciably smaller and the panels are hidden away in the back.
Can you describe what you’re hearing in terms of buyers’ interest in solar panels/power? What’s the chatter like?
Honestly, I have never had a client specifically say to me that they wanted a solar panel system as part of their home buying checklist.