Solar / “Green” / Energy Efficient residences:
What was rare 2-3, 5 or 10 years ago is becoming more and more prevalent here in northeastern (“Chicago-land”) Illinois. Hardly a day now goes by that I do not
see another house with the most common form of “green” energy: solar panels on the roof!
Did you know that by the mere fact that there are solar panels attached to the roof of a house that this alone does not guarantee an increase in the Market Value of the property? For lending use, lenders will require that the panels be wholly owned or financed as fixtures to the real estate (and not financed as personal property); leased panels do not contribute to Market Value.
Further, there is the reality that there is sparse market data (in the form of sold properties having owned solar panels) that indicate the contribution of solar panels to the market value of a property; appraising such a property
is a challenge requiring effort and knowledge above the ordinary.
Recently I completed seminars on High-Performance/Energy Efficient Housing and Solar Panel Energy with further study on my schedule.
