In a recent blog post, the National Association of Realtors (NAR) highlights the benefits of properties with solar panels, especially for Realtors, and encourages Realtors to learn about the options available for property transactions with PACE assessments.
PACE utilizes private capital to provide upfront financing for project costs such as the installation of solar panels or insulated windows. While every mortgage product may not be compatible with PACE, there are numerous options that are, and homeowners are encouraged to research the best solution for their needs. With increased popularity and a little due diligence by buyers, sellers and Realtors, buying and selling a home with solar or other energy upgrades will become more and more common in our future.
Below are excerpts from the original NAR post.
May 15, 2017
“Homes with solar panels tend to sell for higher prices than comparable homes with conventional energy, studies show. One study, released two years ago by Lawrence Berkeley National Laboratory, found solar homes selling for a 15 percent premium. But selling these homes can require extra preparation on your part.”
“There are different forms of public assistance for solar panels but the one you need to be the most aware of is PACE…”
“…knowing what loan programs allow funding to go forward when with PACE funding attached is a time- and money-saver.
The possibility of financing hurdles in some loan programs shouldn’t obscure what’s good about homes with solar panels. First, the home’s energy bills can be lower, because for every kilowatt of power the panels generate is one less that has to be paid to the utility company. Second, homeowners can get a federal credit each year on their taxes. The state might offer its own credit as well.”
“Bottom line: More homes will have solar panels in the years ahead and that means the chance of you having to list or sell a solar home is increasing every year. The panels pose a challenge but they are also a big business opportunity. Homes are more valuable with them and many people want them because they like the idea of using renewable energy.”
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