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Solar Powered Homes In Tampa Fl Area

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Terraform

Senior Member
Joined
Aug 29, 2006
Professional Status
Certified Residential Appraiser
State
Florida
I'll say within the hundreds of the appraised homes I have completed this year .5% had a new solar system that contributes to the power grid and completely pays the power bill. Where do I start as an adjustment? All are financed at 15-20 years.
 
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Tom Woolford

Elite Member
Joined
Nov 20, 2005
Professional Status
Certified Residential Appraiser
State
Florida
Good luck finding comps. In the absence of market data, any other derived adjustment is meaningless. You won't find comps for a reason: there is no market acceptance in this area. California is different. But West central Florida, there is no market acceptance.
 

Randolph Kinney

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Apr 7, 2005
Professional Status
Retired Appraiser
State
North Carolina
So how much would you pay for a house that has leased solar panels or solar panels with a 20 year mortgage on them?

Even if the solar panels are owned outright, how much would you pay? It is like prepaying your electric bill for years to come. How much is that worth to you?
 

chad hampton

Senior Member
Joined
Nov 10, 2006
Professional Status
Certified Residential Appraiser
State
North Carolina
I'd definitely pay more of a home with solar panels. Not sure I'd pay for the full cost though.

That's what we determine - the market reaction. 0.5-1% doesn't make it the market, so I wouldn't adjust the full cost (much like a pool), but it clearly contributes something. I always deal in %'s when I come up with something "odd" like that.
 

TRESinc

Elite Member
Joined
Dec 1, 2011
Professional Status
Licensed Appraiser
State
Ohio
I'd definitely pay more of a home with solar panels. Not sure I'd pay for the full cost though.

That's what we determine - the market reaction. 0.5-1% doesn't make it the market, so I wouldn't adjust the full cost (much like a pool), but it clearly contributes something. I always deal in %'s when I come up with something "odd" like that.


and i'm the exact opposite. i see solar panels and i wonder about who installed them, what method they used, what steps were taken to prevent future damage as a result of the installation, who is going to pay to repair them when they break, what effects will it have on my insurance and a myriad of other things.
 

bnmappraisal

Elite Member
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Joined
Nov 9, 2011
Professional Status
Certified Residential Appraiser
State
Florida
I'll say within the hundreds of the appraised homes I have completed this year .5% had a new solar system that contributes to the power grid and completely pays the power bill. Where do I start as an adjustment? All are financed at 15-20 years.
I'm with Tom, as I have yet to be able to extract any market reaction regarding solar. I have spoken with many agents regarding this as I have run into 2 properties in the past 2-3 yrs with solar.

Agents have told me they haven't noticed any price differences either; mostly because of the limited number of them in our area.

(my bold) Also, if they are financed/leased, I have treated it similar to an above ground pool - personal property. I just had one a few weeks ago in Seminole. I explained the lease terms, etc in the addendum, but said it "is considered personal property in this report"
 
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