Do Solar Panels Affect Home Values in Harrisonburg?


Do Solar Panels Affect Home Values in Harrisonburg?
By Scott Rogers • October 17, 2019
So, you're thinking of adding solar panels to your house? You might wonder if this will increase the value of your home -- or make it easier for your house to sell -- or make it more difficult for your house to sell. All good questions. I don't think there is one right answer. Here are some of my thoughts... Most home buyers seem likely to appreciate solar panels as to how they reduce their utility costs -- and thus should be willing to pay at least some amount more for the home as a result. We have not seen many homes with solar panels sell in this area to understand if / how buyers translate those utility cost savings into home value. Appraisers can / will likely make some adjustments to your home's value based on the existence of solar panels, but likely not for the full cost. Solar panels do not seem likely to reduce the value of your home to a buyer. So -- if you're installing solar panels with the thought that you'll sell your home in the next year or two, it might not be advisable to do so. After all, you'd likely be passing on most of the cost savings over time to the next owner without the ability to cash in on that from a significantly higher sales price. If you're installing solar panels and you plan to stay in the home for a while, but want to be sure that you'll be OK selling the home in the future, I suspect you'll be just fine, and will likely sell your home for more than if it did not have solar panels. Ironically, one of the reasons that I can't provide much guidance on how solar panels affect home values in our local market is because there aren't many homes with solar panels that sell -- likely because most people who install solar panels plan to stay a while, and thus, don't sell... What are your thoughts on solar panels as it relates to home value? I'd love your input. Email me at scott@HarrisonburgHousingToday.com. Receive Updates by Email Recent Articles: There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell Consider The Cost Of Your Planned Renovations When Planning Your Offer
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 21, 2024 (unless otherwise noted).
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