Navigating Real Estate with Rooftop Solar: Challenges and Opportunities
In the United States, real estate transactions involving properties with photovoltaic systems are governed by a patchwork of state and local laws, industry standards, and appraisal practices. This lack of uniform federal regulation can lead to confusion and complexity for realtors and homeowners alike.
The value of rooftop solar systems can vary greatly depending on the specific terms of the agreement. Owned systems can be listed as assets, but recent policy shifts may change this. Meanwhile, residential solar often comes with grandfathered buybacks that can lock new homeowners into outdated rate plans.
Realtors may struggle with these complexities. Ignorance about solar systems can lead to them not discussing or highlighting their presence in listings. Furthermore, realtors may improperly list or show homes with solar due to a lack of understanding about the systems. This can be particularly challenging when dealing with loaned solar, which cannot add value to a home and may only add debt, potentially leaving homeowners underwater.
Navigating real estate with rooftop solar can indeed be complex and confusing. However, homes with solar are currently more valuable than those without, according to Greg Field, a solar home realtor. Despite this, many realtors lack understanding of the nuances in selling homes with rooftop solar. They may not grasp the value proposition and appraisal value of owned solar versus leased or loaned systems.
As solar becomes more common, it's crucial for realtors to understand the intricacies of real estate transactions involving photovoltaic systems. This understanding can help ensure that homes with solar are properly valued and marketed, and that homeowners and buyers are well-informed throughout the process.
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