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Home Value with Solar Panels/Power Wall - Increase?

Home Value with Solar Panels/Power Wall - Increase?

Am looking to add solar panels and a Powerwall 2 (unsure if 1 or 2) and live in northern NJ. Just curious on if anyone has had their home values appraised post solar install - have you seen an increase in value? Anyone sold a home with solar panels that were added and seen an increase?

Thanks!

shank15217 | 13 août 2018

It would make it more desirable, so people should be bidding higher for it. A low of buys are scared when they see solar and battery because they don't understand the tech and many fear its a leased system that they would have to take over. If you own your systems you shoudl have no issues. Solar specifically is very low maintenance, i'm not sure the power walls are though.

Patrick | 13 août 2018

Have not had our home reappraised since installing our solar generator in FL but have researched the topic. Found a fairly broad industry consensus indicating that the value of the solar system is generally considered additive to the previous value of the home.

Makes sense. After all, how many things can you add to a home that actually "generate revenue" so so speak?

Further - our solar installer shared some interesting data in this regard. He previously worked in Hawaii where consumers in recent years saw increasing adoption of solar PV generators and and battery systems in response to high energy prices and unfavorable trends in net-metering laws. In that case real estate buyers started actively seeking out solar homes and paid a premium equal to and in some cases grater than the installation cost of the solar system.

Tesla-David | 13 août 2018

We haven't had our home reappraised since adding 13.2 kWh solar system and two PW2's, but am pretty sure the value would be increased, as we have been energy independent over past 51 days since turning on the PW2's, and are exporting ~65 percent of our excess energy back to grid. I think the value added is substantial IMHO. There is a huge demand for solar + batteries in NW Washington State right now, and a backlog of people waiting for PW2 installations.

Patrick | 14 août 2018

@Tesla-David - agree for sure.

Adding another piece to the Hawaii story FWIW. The local solar installer I mentioned strongly believes it's only a matter of time before the Hawaii scenario plays out more broadly across the US via changes to existing utility net-metering agreements. The agreements established in many areas (my home included) allow for a 1:1 kWh exchange with the grid at equal value. Very nice.

Other areas are not so lucky, meaning the customer credit for each kWh sent to the grid has a lower value (apparently in Hawaii it evolved to be VERY much lower) than the price paid to purchase each kWh from the grid. When this happens it becomes very wise to install battery systems ASAP.

The moral of the story for those on the fence: If one lives in an area where the preferred electric utility offers a 1:1 net-metering exchange rate install your solar PV system before they change their mind.

Really glad your new system is working out so well! Enjoy.

sashton | 14 août 2018

If I have to move and the purchaser is unwilling to pay for the PV/PW/Thermal Stores/EVSEs etc. I'll simply take them with me.

ripatriot | 16 août 2018

we bought our solar panels with cash a few years ago and refinanced our mortgage when interest rates were at 2.75%. when they appraised our house they basically added the cash value of the system ($30k) to the value of our home which helped get us the rate we got.

due to the electric savings thus far (about $150 over the past 2.5 years) and what we were able to do with our home financing, the panels have basically paid for themselves already. best decision we've made.

Tesla-David | 17 août 2018

The energy retrofits we did to our home reduced our total annual electric bill to $180. The PW2 installation have only made us more energy independent. I have absolutely been blown away with how well our PW2’s coupled with solar are working.

ripatriot | 19 août 2018

i meant to say our electric bill has only totaled $150 the past 2.5 years, not our energy savings.

Tesla-David | 19 août 2018

Very impressive @ripatriot. Where do you live?