With the most popular months of the yr, it may be tempting to make use of solar energy to decrease your electrical energy invoice. Despite a mean of 23 days of sunshine a month, there are few houses in Maricopa with photo voltaic panels.
According to the MLS, of the 1,985 Maricopa houses offered between May 1 2023, via May 1, 2024, 131 (6.6%) have been listed with photo voltaic power programs. About half (63) are owned, with 48 beneath lease and 20 extra needing loans.
But how does this have an effect on your backside line?
According to EnergySage.com, a photo voltaic panel set up in PInal County ranges from $9,412 to $12,734. That’s earlier than a 30% federal photo voltaic tax credit score. With a 5kW photo voltaic system producing about 8,760 kWh of photo voltaic power per yr, the common payback interval is about 10 years. Over 20 years, you may save over $22,000.
When offered, a photo voltaic system that’s 100% paid off will enhance the sale worth. Typically, you’ll obtain $1,000-$1,500 per kW of system.
Panels can be rented or bought via financing. However, these choices won’t provide you with a optimistic return when buying and selling. In reality, if the sale requires a purchaser to take out mortgage or lease funds, it might take longer to promote and the ultimate sale worth could also be decrease than comparable houses with out photo voltaic.
With most lenders, month-to-month photo voltaic funds enhance the customer’s debt-to-income ratio and, thus, cut back the customer’s buying energy.
Rented photo voltaic panels usually are not thought of a part of the house. They don’t add worth to the appraisal, and often, the month-to-month fee will increase yearly.
In addition, the brand new house proprietor should qualify with the photo voltaic firm. I’ve had experiences the place a purchaser was permitted for a mortgage of $400,000, however was turned down by the photo voltaic financing firm.
So you probably have a house on the market with photo voltaic, how do you present the customer the advantages?
Don’t be afraid to brag. Emphasize how a lot cash you’ve saved. Provide written documentation of annual financial savings to elucidate kW and panel effectivity. You will see the worth once you depend the financial savings. Is it $100 a month? Three hundred? Include this info within the MLS or go away a replica of the current electrical payments on the kitchen counter.
Dayv Morgan is a Maricopa Realtor and proprietor of HomeSmart Premier.
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