Two Appraisal Institute members contributed to a landmark study
Released by the U.S. Department of Energy’s Lawrence Berkeley National Laboratory, this study finding home buyers are always willing to pay more for solar homes. That’s right folks, homes with host-owned solar photovoltaic energy systems.
Some of the people involved for starters are Sandra K. Adomatis, SRA, of Punta Gorda, Florida, and Thomas O. Jackson, Ph.D., MAI, of College Station, Texas. A multi-institutional research team of scientists led by Berkeley Lab in partnership with Sandia National Laboratories. In addition, universities and real estate appraisers with the appraisal Institute were involved too.
So in October 2011, the Appraisal Institute created the federal Sensible Accounting to Value Energy (SAVE) Act.
Consequently, the Act improves the mortgage underwriting process. All thereby insuring energy costs are included in the value of the home. In addition it was sponsored by Sens. Michael Bennet, D-Colo., and Johnny Isakson, R-Ga. Most importantly, the SAVE Act instructs federal loan agencies to assess a borrower’s expected energy costs when financing a house.
In conclusion, the Appraisal Institute contributed to the Green MLS Tool Kit, starting in April 2010. Furthermore, the tool kit created so Realtors adding a green initiative. One needed for their local multiple listing service. The tool kit providing guidance on creating enhanced data in the MLS. Thereby empowering appraisers to make well-supported comparisons, analyses and adjustments.
Furthermore, Berkeley Lab’s research funding through the U.S. Department of Energy SunShot Initiative. Consequently, the SunShot Initiative is a collaborative national effort. As a result to aggressively driving solar innovation. Thereby making solar energy fully cost-competitive with traditional energy sources. All before the end of this decade.
Finally, the study – “Selling into the Sun: Price Premium Analysis of a Multi-State Dataset of Solar Homes”. It states buyers will pay $4 per watt of PV installed. In conclusion, that’s across various states, housing, PV markets and home types. Most noteworthy, this equates to a premium of $15,000 for a typical 3.75 kW PV system. I’ve got more on my roof!!
In conclusion and for the entire story at the Appraisal Institute