This regularly-scheduled sponsored Q&A column is written by Eli Tucker, Arlington-based Realtor and Rosslyn resident. Please submit your questions to him via email for response in future columns. Enjoy!
Question: Do solar panels improve or hurt the resale value of a home?
Answer: Green living. Green roofs. Green technology. With so much time spent discussing Green initiatives, you would think that investing in solar panels and other eco-friendly home products would put you in a competitive advantage when you sell your home. In my experience, that’s not the case.
Arlington residents overwhelmingly vote and promote Green policies locally and nationally, but I’ve found that when it comes down to the pocketbooks of individual buyers, most are not willing to pay a premium for a home that’s been upgraded with eco-friendly products and landscaping. Businesses, not residents, are usually the ones who take up Green initiatives because there’s a positive return for their brand and larger tax incentives.
Cost Savings vs. Aesthetics
Solar panels are a slightly different story because they can provide real savings with lower utility bills and tax incentives. However, there are two factors that offset those savings in buyers’ minds — aesthetics and maintenance concerns. The current technology is predominately the large panels you’re used to seeing, which isn’t the most aesthetically pleasing, especially when so many buyers are spending $1M+. Buyers are also skeptical of future maintenance costs if panels stop working or are damaged in a storm. Also, keep in mind that the pay-off period for the energy savings can take 10+ years.
For proof of the difficulty solar panels have had in the residential market, you don’t have to look much further than Elon Musk’s Solar City, which due to recent financial struggles, was recently acquired by Tesla.
Solar Will Improve Resale…Eventually
The solar industry has started introducing solar roofs, instead of solar panels, which incorporate solar technology into individual shingles so that it looks like a normal roof (it’s supposed to be more durable too). Right now it’s expensive, but as the prices comes down, I expect it will catch on quickly and become a great selling point.
What do you think about the resale value of homes with solar panels? It usually costs $10-15k to add solar panels to a home. If you were buying a home for $1M, would you be willing to pay a premium of $5-10k? Would you make a better offer on a home with solar panels than the same home without panels?
Eli Tucker is a licensed Realtor in Virginia, Washington DC, and Maryland with Real Living At Home, 2420 Wilson Blvd #101 Arlington, VA 22201, (202) 518-8781.
Good Friday evening, Arlington. Let’s take a look back at today’s stories and a look forward to tomorrow’s event calendar. 🕗 News recap The following articles were published earlier today…
A former ABC News producer whose Columbia Pike apartment was raided by the FBI last year has been sentenced. James Gordon Meek, 53, pleaded guilty in July to transportation and…
Metrorail service was suspended on the Blue and Yellow lines today after a train derailed.
4 bedroom 3 bath 2 car garage 1/4 acre Jamestown Williamsburg Yorktown pyramid
At Generation Hope, we’re dedicated to supporting teen parents in college as they work toward earning their degrees. We are in need of caring child care volunteers for upcoming events on Saturday, October 21st (in Washington, DC), and Saturday, November 4th (in Arlington, VA). Join our growing volunteer community and support us at an event this fall!
At all of our events, we provide free onsite child care for the children of the teen parents we serve, creating a nurturing environment for the kiddos while their parents learn valuable life skills and build community.
If you enjoy working with children and are looking to make an immediate impact in your community, please visit https://www.generationhope.org/volunteer to learn more.
Join us for Arlington’s biggest civil rights & social justice event of the year. The banquet is back in person at the Arlington Campus of George Mason University.
Our keynote speaker this year is Symone Sanders from MSNBC and former Chief of Staff for Vice-President Kamala Harris.
The Master of Ceremonies is Joshua Cole, former state delegate, NAACP President, and local pastor.
Tickets/seating are limited. Purchase your ticket today! Sponsorship opportunities available.
Cody Chance and Dick Nathan of Long & Foster are hosting an online workshop on the topic of “down-sizing” Wednesday, October 4 from 5:30-7:00 p.m. Every great endeavor begins with a great plan. This workshop will give you the tools