Solar Panels

[Tim Hicks (Texas)]

Follow the Fannie Mae Selling Guide with regard to solar panels. Please don't insult Danny as he has thin skin and might get upset.

 

[Fernando]

Everyone? Musk just sold off nearly 7 billion worth of shares of Tesla. He cashed out.... he knows his over-inflated stock price is going to crash.

Yes, he's selling his stocks.
And he sold all his mansions except one in CA. He's cashing out in real estate and his stocks. Does he know something we don't?

 

[Rlong]

Clear example of of Appraiser Bias: "they look UGLY", we shouldn't be determining value based on what we personally like or dislike. If you don't understand how to use data to determine if and to what degree a market recognizes value; then how can you claim to be an appraiser. It's not about what we personally like or dislike.

 

[RCA]

Good Morning AF-

So, we attempted to search for previous comments posted here for solar panels.. we have a difficult AMC-(nothing new).. requesting comments when its not even mentioned in the EL!!
IMO.. these are PERSONAL PROPERTY as living in TX, they look UGLY... IMO and look out for hail damage!! LOL!! But they look like they could be removed by some type of professional, but then again Im not a solar panel expert.

Placed comment in the report about that as a Component, they deliver future energy savings-(if you like to see that monstrosity on your roof.. but commented on the contributory value and cost to remove or maintain!

IDK.. I still think they ugly... lol

They are regarded as permanent fixtures here in CA, if owned. Part of the solar installation is the tubing which can run along the top and/or under the roof and down the walls, inside and out. The solar installation is designed for the needs of the house and owner, based on their history of electrical consumption. Certainly the solar panels could be removed, but it likely wouldn't make sense for the tubing and wires.

Because of continual improvements in solar technology, including batteries, once the installation gets over 10 years in age, then it can become very questionable as to what its actual Market Value is. In some cases, a new owner would very likely rather replace the old installation with a new one that is more efficient, than keep the old one.

Batteries like Tesla Powerwalls are different I think. Owners would likely want to take them with them when they move out. And battery technology is advancing rapidly as well. Now Tesla is going to create a "virtual power plant". You will get paid even more for your surplus energy:

Emergency Load Reduction Pilot | Tesla Support

Participate in the Emergency Load Reduction Program (ELRP) pilot offered by Pacific Gas and Electric Company (PG&E) and support the grid while also earning compensation and maintaining your energy security.

www.tesla.com

 

[Ariba]

Most if not all solar panels are not owned by the property owners but are claimed as collateral by non-mortgage lenders.

 

[Rlong]

Most if not all solar panels are not owned by the property owners but are claimed as collateral by non-mortgage lenders.

This to sounds like an anchor biased statement. In my and most markets there is a significant number of owned PV solar system; the key is you MUST enquire each time. A statement like this is a dangerous way to proceed…. More (negative) “appraiser bias”! (against to “the other”, whatever that is to you)

We cannot move forward as a respected profession if we are appraising with “their ugly” and “their mostly leased anyway.. “.

Clearly biased statements..

 

[Ariba]

In my and most markets there is a significant number of owned PV solar system; the key is you MUST enquire each time. A statement like this is a dangerous way to proceed…. More (negative) “appraiser bias”! (against to “the other”, whatever that is to you)

We cannot move forward as a respected profession if we are appraising with “their ugly” and “their mostly leased anyway.. “.

Clearly biased statements..

It would appear from your comments that you are an advocate for solar systems and thereby biased. How do you verify that the solar system is owned outright by the homeowner? Do you just take the homeowner's word? Also, just out of curiosity giving a typical house (2,500-3,000 SqFt) with solar what is the adjustment you make. What is the largest adjustment you have made on a solar system?

 

[Overimprovement]

It appears you are an advocate for solar systems and thereby you are biased. How do you verify that the solar system is owned outright by the homeowner? Do you just take the homeowner's word?

I was just going to ask this as a genuine improve my knowledge type question. I appraised my first house ever this week that had solar panels, so this becomes a key question--is there any way to know if it is owned or leased?

They are quite rare in my market, so I imagine extracting an adjustment would be a fool's errand at this point, but I also think they will become more common, especially if this current administration gets some of their climate change stuff passed.

If one looks at average daily solar radiation received, not even sure they would ever be cost effective in the midwest, but like I said, I am very new to the topic.

 

[Tim Hicks (Texas)]

This to sounds like an anchor biased statement. In my and most markets there is a significant number of owned PV solar system; the key is you MUST enquire each time. A statement like this is a dangerous way to proceed…. More (negative) “appraiser bias”! (against to “the other”, whatever that is to you)

We cannot move forward as a respected profession if we are appraising with “their ugly” and “their mostly leased anyway.. “.

Clearly biased statements..

About one in ten are actually owned in this market. Most are leased or financed as collateral for a separate loan. You have to ask and it takes many calls on comparable sales . The market reaction can be different in every neighborhood, but typically it has been minimal for a $40,000 system.

 

[Elliott]

If a seller had a ten year old car in the garage and said, "Tell you what, we're moving across the country and don't want to take Betsie, it has 75,000 miles on her, the Blue Book says its worth $10,000, but I'll include it with the house and I tell you what, I'll pay for a $1000 of gas each year for the next ten years, and there's this title thing that saysl you can't ever sell Betsie, only scrap it. So to make the deal, what do you say? How much do you think that adds to the value of the house?"