ULI Real Estate Consensus Forecast: A Short Term Outlook from…
Are Solar Roofing Installations a Powerful Selling Feature?
We know how expensive hydro is becoming for the average homeowner. Power generating companies are in big debt and will have to keep raising prices to their diminishing user base chasing more homeowners offgrid.
And power companies are highly polluting which does not jive well with the mandates of the carbon credit regulators. It looks like solar will be prominent.
Yet we wonder if buying a $7000 to $30000 solar power generating system for a home is really worth it. Apparently, the savings range from $400 to $700 a month, or around $6k a year. Right away you’d say no, however the prices of solar systems are falling and there might be other benefits to consider including higher selling prices.
I was speaking with Seattle entrepreneur Andrew Schumake who installs these solar systems. He comments that the incentives created by the Obama administration in the US were very generous and how manufacturers and installation providers are clamoring to supply this burgeoning market in the US, and also in Canada.
It makes you wonder what the actual impact of all these new products is on the US housing market? Andrew warns though that some companies make shoddy products so homeowners should be careful and wise.
If you’re a builder or commercial real estate developer, you may want to check out the incentives offered by the Madison Energy Group of Phoenix, who Andrew works with.
As a realtor or property investor, or a homeowner with a big mortgage loan to pay, you may be wondering how much these systems raise the value of a property if at all. The issue isn’t just a matter of electrical power savings, it’s also a matter of aesthetics and whether solar is a feature sought in particular neighborhoods.
Solar Shingles in Hot Demand
And new systems that use solar shingles are in hot demand. Most systems that we see on homes are solar panels which are mounted on top of the the roof. That can complicate roofing issues and fixes if a problem in the roof occurs. With solar shingles, you have a solution that is part of the roof so the old ceramic or tar paper asphalt shingles aren’t needed. And as you can see in this video below, the new solar shingles actually look pretty good.
The systems produced today are cheaper, better designed and should last longer. So the results from this Berkeley study from 2013 should be more positive today in 2016 and into 2017.
This woman in Florida is ecstatic about her new solar power installation.
Dow is a big maker of the new solar power shingles for residential roofs. If your prospects are going to reroof their house, should they go with solar shingles and save on the costs of the conventional roofing? There are a government incentives could make this a sensible purchase. Here’s a video that discusses that issue:
But could a new solar shingle roof help to get a home sold faster at a higher price? Studies seem to show that this is so. You might be familiar with Certainteed, the roofing products manufacturer. They provide a solar product brochure that might give more insight into the advisability of recommending a solar roof as a home value raising strategy.
“The number of homeowners “going solar” has increased by an average of every year for the last 10 years. About half a million homeowners in the U.S. have determined that solar makes sense.” from the brochure.
What is your experience with solar energy installations in the homes you’ve been buying and selling? Are buyers enamored with the systems or are they mentioning wishes and disappointments? I’d like to know. Please leave your comments below.
I welcome all inquiries from green energy and solar power businesses in Los Angeles, Phoenix, Denver, Seattle, Chicago, Boston, New York, Dallas, Houston, San Antonio, Austin, St Louis, Minneapolis, Green Bay, Charlotte, Tampa, Miami, Orlando, Toronto, Vancouver, Montreal, Ottawa, Oshawa, Hamilton, Newmarket, Richmond Hill, Oakville, Calgary, Kelowna, Mississauga, Anaheim, Beverly Hills, Malibu, San Diego, San Francisco, San Jose, and Honolulu.