Add Solar to a SFH rental
Member since 2018 · 19 posts · 4 votes
Add Solar to a SFH rental
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Real Estate Broker · Minneapolis, MN · Member since 2011 · 5k+ posts · 6k+ votes
3y@Kyle Johnson all depends on your market, and when I say your market I mean on a very specific level of the property, customer base.
I have some that no, it would do little to nothing, others it would be a positive, and some that it's a BIG positive.
In the ones I have that it makes a big positive, they are all luxury. It also coincides with having an EV charger. And there huge homes, so there is actually fair amount of solar production, and just in general it makes sense. Many of the customers in such have a Tesla.
But in my blue-collar townhome rentals, I am betting the most I'd get out of having such is "oh, neat" and that's about it. I'm not dropping $20k+ for "oh, neat".
So it all depends.
If your client base is a Tesla base, than heck yeah, it will not only directly translate into $'s but it's also a competitive advantage, at least that's what I am experiencing. But keep in mind, were talking tenants who drive Tesla's.
32 Replies
If only someone had asked this before…:-).
The magnifying glass in the upper corner is your friend. This is literally asked monthly if not bi-weekly. It doesn’t add any value. If you add the electricity to the rent then you show up as rent too high. And if you don’t charge for it then there’s zero return.
If you spend $20k out of pocket it might add $7-10k in value if you go to sell. If you lease or rent the solar panels ey will DEFINITELY lower the value compared to not having them. 4 of the last 7 homes I considered purchasing add such outrageously bad leases/rents that I wouldn’t take the homes for 10% under market. They didn’t have buyouts, they had escalating monthly fees, it was a joke. The one property where you could buy out the lease it was a flat $55k. (All the remaining payments with no discount.). This was sold to a couple on their 70’s moving to assisted living 6 months earlier.
- Member since 2018 · 19 posts · 4 votes3y
Sorry, you're right. I should have searched. But thanks for replying.
- Rock Star Extraordinaire · Northeast, TN · Member since 2015 · 10k+ posts · 16k+ votes3y
Quote from @Kyle Johnson:
Sorry, you're right. I should have searched. But thanks for replying.
It won't. You will spend more than you get in return. The gap is closer in say Florida or Arizona versus Vermont or Idaho, but there's still a gap.
Skyline Properties - 3yScott WolfPro MemberLender · Boca Raton, FL · Member since 2014 · 1k+ posts · 959 votes
Quote from @JD Martin:
Quote from @Kyle Johnson:
Sorry, you're right. I should have searched. But thanks for replying.
It won't. You will spend more than you get in return. The gap is closer in say Florida or Arizona versus Vermont or Idaho, but there's still a gap.
Also, as a homeowner in FL, I'm not sure who is buying these. I got a quote, and the salesperson was trying to convince me that the 0% interest and government incentives made it worth it to me. But the math wasn't mathing. The guy was trying to convince me that making my payment $500 per month for 15 years was better than the $320 I'm averaging on my electric bills. Makes no sense to me at all.
- Investor · Austin, TX · Member since 2021 · 9k+ posts · 5k+ votes3y
Solar serves no benefit to you as an investor. It ends up becoming a hindrance when it comes time to sell the property. Most solar companies do not allow investors to assume the loan, and has to be paid off on top of the purchase price.
- Real Estate Broker · Minneapolis, MN · Member since 2011 · 5k+ posts · 6k+ votes3y
@Kyle Johnson all depends on your market, and when I say your market I mean on a very specific level of the property, customer base.
I have some that no, it would do little to nothing, others it would be a positive, and some that it's a BIG positive.
In the ones I have that it makes a big positive, they are all luxury. It also coincides with having an EV charger. And there huge homes, so there is actually fair amount of solar production, and just in general it makes sense. Many of the customers in such have a Tesla.
But in my blue-collar townhome rentals, I am betting the most I'd get out of having such is "oh, neat" and that's about it. I'm not dropping $20k+ for "oh, neat".
So it all depends.
If your client base is a Tesla base, than heck yeah, it will not only directly translate into $'s but it's also a competitive advantage, at least that's what I am experiencing. But keep in mind, were talking tenants who drive Tesla's.
- 2yNathan MillerPro MemberProperty Manager · Grants Pass, OR · Member since 2009 · 429 posts · 202 votes
I would say no, no, and definitely no. The solar you pay for will only discount the tenant's electricity bills, but that doesn't mean you can raise the rent by an equal amount because then when you advertise you will be seen out of market. Unless you have a way to sell that electricity back to the tenant or if your state subsidizes green energy 100% it will never make sense. Even then, now you are a utility provider and the maintenance overhead won't make it worthwhile.
That said, I love solar and highly encourage it on primary residences! Solar + Tesla Powerwall is a great combo!
- Real Estate Broker · Minneapolis, MN · Member since 2011 · 5k+ posts · 6k+ votes2y
For all those saying "no" I am curious, how many tenant's do you have that drive Tesla's?
Do you have properties that could garner a tenant who drives a Tesla?
I am 99% certain the answer to both is the same chant; "no".
Well, I do. And I can say for those properties and tenant class, YES, it does directly translate into $ROI$. It's about pairing property, tenant demo and amenities.
- 2yKyle DeutschmannPro MemberInvestor · Washington, DC · Member since 2017 · 428 posts · 205 votes
Quote from @Kyle Johnson:
Hello All,
I'm just curious. Will getting solar add any value, marketing and/or rental value to your SFH rental? Is it worth doing?
I can see it may add some marketing value but that's it. Curious if other have done this if they have a SFH rental.
Solar can absolutely add value to your home, but it does depend a bit on your market in terms of local incentives as well as local utility rates compared to solar energy rates.. Here are a few ways solar pays for itself and hands down adds value to your home as long as you install good panels from a good contractor...
1) For primary & secondary homes, you can get 30% of the investment into solar back on your federal income tax returns (assuming you qualify)
2) Some states like Maryland have an extra $1000 rebate on top of that.
3) 8 states including DC, MD, and VA have a Solar Renewable Energy Credit/Certificate Market (SREC) where you can earn passive income by selling your SRECS to the utility companies (through a broker) to meet local 'green' regulations.
4) If you don't want to buy the panels (or take out a loan) you can do a SunPower Power Purchase Agreement where you put $0 down, pay $0 in maintenance, and simply lock in a lower rate vs. the utility company for 25 years. Some other company's solar leases are non-transferrable. SunPower's PPA's are indeed transferrable to the next homeowner. Or you can include them in the cost of your home sale and the next homeowner simply owns the panels.
5) According to a Zillow study, homes with solar sold for about 4.1% more than homes without solar.
Feel free to reach out if you have any further questions about going solar and how it can add value to your home. My parents sold their home for about 10% over list price in 2014 and again in 2019 with solar on the FRONT of their roof (visible from the street). - Rental Property Investor · Boston, Massachusetts (MA) · Member since 2016 · 2k+ posts · 2k+ votes2y
a bit like @James Hamling we have work with at least a few populations where there would be a perceived social benefit. We have looked at it, and looked at it....and can't make it work. With any kind of financing you are essentially adding a lein to the property which has to be assumed or paid off. We have very good accountants who could maximize the tax benefit...still no. Its just not financially viable for us to put that much cash up front. Oh, and every single energy savings estimate we have gotten has been inflated.
Exception? We would definitely buy a home that had it installed if the seller took the hit and paid off the loan or knocked the price down accordingly. May have to wait for a different market cycle.
- 2yBen ScottPro MemberProperty Manager · Oklahoma City, OK · Member since 2019 · 579 posts · 351 votes
For a garden variety 3/2 in a typical middle class neighborhood, I'd definitely suggest not adding solar. There are tenants who might see the value in limited utility bills and the green aspect of solar but you'd be marketing to a very specific audience.
- 2yKyle DeutschmannPro MemberInvestor · Washington, DC · Member since 2017 · 428 posts · 205 votes
Quote from @Jonathan R McLaughlin:
a bit like @James Hamling we have work with at least a few populations where there would be a perceived social benefit. We have looked at it, and looked at it....and can't make it work. With any kind of financing you are essentially adding a lein to the property which has to be assumed or paid off. We have very good accountants who could maximize the tax benefit...still no. Its just not financially viable for us to put that much cash up front. Oh, and every single energy savings estimate we have gotten has been inflated.
Exception? We would definitely buy a home that had it installed if the seller took the hit and paid off the loan or knocked the price down accordingly. May have to wait for a different market cycle.
I'm not in your market... but in our market we can provide Solar Power Purchase Agreements (similar to a lease), where you lock in a rate for your electricity, coming from clean, green energy on your roof. You can pay as little as $0 down, pay $0 in maintenance, take out $0 in loans, and simply lock in a rate for electricity for 25 years.
Utility rates have gone up an average of ~4% per year over the past 30 years, and in my area I have noticed my bills go up about 30% from when I bought just a few years ago.I had a client that I was able to lower his electricity bill from $315/month on average down to $175/month on average. What tenant wouldn't like that? Plus a FIXED rate, not a variable utility rate. You already locked in a 30 year rate on your mortgage (I assume). Why not lock in a 25 year rate on your electricity
Happy to chat sometime if you'd like to learn more!
Also if you buy panels from us, none of our lenders put a lien on your home... sorry for all the mis-information out there or bad solar companies giving us a bad reputation. - 2yCorby GoadeBusiness MemberInvestor · Boise, ID · Member since 2014 · 3k+ posts · 3k+ votesIf you ask a solar salesperson, they'll tell you it adds all kinds of value, but I've never heard of anyone getting any value out at the sale of the home. In my market, it makes them harder to sell, at best. If your tenants pay utilities, I'm not sure why you'd take on that debt.
Quote from @Kyle Johnson:
Hello All,
I'm just curious. Will getting solar add any value, marketing and/or rental value to your SFH rental? Is it worth doing?
I can see it may add some marketing value but that's it. Curious if other have done this if they have a SFH rental.
- Real Estate Broker · Minneapolis, MN · Member since 2011 · 5k+ posts · 6k+ votes2y
Quote from @Corby Goade:
If you ask a solar salesperson, they'll tell you it adds all kinds of value, but I've never heard of anyone getting any value out at the sale of the home. In my market, it makes them harder to sell, at best. If your tenants pay utilities, I'm not sure why you'd take on that debt.Quote from @Kyle Johnson:
Hello All,
I'm just curious. Will getting solar add any value, marketing and/or rental value to your SFH rental? Is it worth doing?
I can see it may add some marketing value but that's it. Curious if other have done this if they have a SFH rental.
I don't sell solar unit's, I sell Real Estate. And what I have seen and experienced, 1st and 2nd hand, is when solar is PROPERLY utilized as a feature, it's lends a ROI of about 150% on just the unit pricing/value increase, which is saying 0 calculus of impact on utility offset's.
No, it's not a Blue-Collar real estate thing, it's for the property types that garner and most likely have a buyer/tenant with a Tesla.
And all this about liens and so on, I have no idea what all that is about. Adding solar to a $800k+ home is cheap, dirt cheap in the big picture of things. Yes, on a $200k property I bet the cost to add solar is a big price tag in comparison to property price, but why on earth would you put it on that property?
Again, as I have said previously, it's about amenity and property MATCH.
If you think nobody value's a solar system, that it's a waste of $, that's just a statement of what income/wealth class your working in, that's the raw truth of it. There is a market for it, just like there is a market for luxury rentals, you may not be familiar with it but it exists.
- 2yCorby GoadeBusiness MemberInvestor · Boise, ID · Member since 2014 · 3k+ posts · 3k+ votes
Quote from @James Hamling:
Quote from @Corby Goade:
If you ask a solar salesperson, they'll tell you it adds all kinds of value, but I've never heard of anyone getting any value out at the sale of the home. In my market, it makes them harder to sell, at best. If your tenants pay utilities, I'm not sure why you'd take on that debt.Quote from @Kyle Johnson:
Hello All,
I'm just curious. Will getting solar add any value, marketing and/or rental value to your SFH rental? Is it worth doing?
I can see it may add some marketing value but that's it. Curious if other have done this if they have a SFH rental.
I don't sell solar unit's, I sell Real Estate. And what I have seen and experienced, 1st and 2nd hand, is when solar is PROPERLY utilized as a feature, it's lends a ROI of about 150% on just the unit pricing/value increase, which is saying 0 calculus of impact on utility offset's.
No, it's not a Blue-Collar real estate thing, it's for the property types that garner and most likely have a buyer/tenant with a Tesla.
And all this about liens and so on, I have no idea what all that is about. Adding solar to a $800k+ home is cheap, dirt cheap in the big picture of things. Yes, on a $200k property I bet the cost to add solar is a big price tag in comparison to property price, but why on earth would you put it on that property?
Again, as I have said previously, it's about amenity and property MATCH.
If you think nobody value's a solar system, that it's a waste of $, that's just a statement of what income/wealth class your working in, that's the raw truth of it. There is a market for it, just like there is a market for luxury rentals, you may not be familiar with it but it exists.
I won't argue, you make some good points. I doubt it has to do with the "class" of property, I work in a market that has the cheapest electricity in the country, so that likely has a direct effect on the resale value of those systems.
- 2yRyan KellyBusiness MemberReal Estate Broker · Austin, TX · Member since 2018 · 1k+ posts · 1k+ votes
@Kyle Johnson Nope.
Ryan Kelly Group - Keller Williams5112 Reviews - Real Estate Broker · Minneapolis, MN · Member since 2011 · 5k+ posts · 6k+ votes2y
Quote from @Corby Goade:
Quote from @James Hamling:
Quote from @Corby Goade:
If you ask a solar salesperson, they'll tell you it adds all kinds of value, but I've never heard of anyone getting any value out at the sale of the home. In my market, it makes them harder to sell, at best. If your tenants pay utilities, I'm not sure why you'd take on that debt.Quote from @Kyle Johnson:
Hello All,
I'm just curious. Will getting solar add any value, marketing and/or rental value to your SFH rental? Is it worth doing?
I can see it may add some marketing value but that's it. Curious if other have done this if they have a SFH rental.
I don't sell solar unit's, I sell Real Estate. And what I have seen and experienced, 1st and 2nd hand, is when solar is PROPERLY utilized as a feature, it's lends a ROI of about 150% on just the unit pricing/value increase, which is saying 0 calculus of impact on utility offset's.
No, it's not a Blue-Collar real estate thing, it's for the property types that garner and most likely have a buyer/tenant with a Tesla.
And all this about liens and so on, I have no idea what all that is about. Adding solar to a $800k+ home is cheap, dirt cheap in the big picture of things. Yes, on a $200k property I bet the cost to add solar is a big price tag in comparison to property price, but why on earth would you put it on that property?
Again, as I have said previously, it's about amenity and property MATCH.
If you think nobody value's a solar system, that it's a waste of $, that's just a statement of what income/wealth class your working in, that's the raw truth of it. There is a market for it, just like there is a market for luxury rentals, you may not be familiar with it but it exists.
I won't argue, you make some good points. I doubt it has to do with the "class" of property, I work in a market that has the cheapest electricity in the country, so that likely has a direct effect on the resale value of those systems.
My experience with it, it seems to have all but nothing to do with electric bill off-set, seriously. Seems to be more a status thing. The only utilitarian place I experience any caring is connecting with EV charger, people love that, buyers and tenants. And again, I think it's more status symbol or some form of ego-stoke, everyone I've asked on #'s of savings etc., not a 1 has any idea, but they have all kinds of answers about how it looks, how cool, modern etc. it all is.
- 2yKyle DeutschmannPro MemberInvestor · Washington, DC · Member since 2017 · 428 posts · 205 votesI can share several addresses of homes that sold with MORE with solar on the FRONT of your roof.
Quote from @Corby Goade:
If you ask a solar salesperson, they'll tell you it adds all kinds of value, but I've never heard of anyone getting any value out at the sale of the home. In my market, it makes them harder to sell, at best. If your tenants pay utilities, I'm not sure why you'd take on that debt.Quote from @Kyle Johnson:
Hello All,
I'm just curious. Will getting solar add any value, marketing and/or rental value to your SFH rental? Is it worth doing?
I can see it may add some marketing value but that's it. Curious if other have done this if they have a SFH rental.
My family owned a house and sold for $40k over list price with solar visible from the front… about 10% over list price. Please explain how this didn’t add value? We had 5 offers and sold in a bidding war way before this crazy marketing starting in 2020… - 2yKyle DeutschmannPro MemberInvestor · Washington, DC · Member since 2017 · 428 posts · 205 votes
Quote from @James Hamling:
Quote from @Corby Goade:
Quote from @James Hamling:
Quote from @Corby Goade:
If you ask a solar salesperson, they'll tell you it adds all kinds of value, but I've never heard of anyone getting any value out at the sale of the home. In my market, it makes them harder to sell, at best. If your tenants pay utilities, I'm not sure why you'd take on that debt.Quote from @Kyle Johnson:
Hello All,
I'm just curious. Will getting solar add any value, marketing and/or rental value to your SFH rental? Is it worth doing?
I can see it may add some marketing value but that's it. Curious if other have done this if they have a SFH rental.
I don't sell solar unit's, I sell Real Estate. And what I have seen and experienced, 1st and 2nd hand, is when solar is PROPERLY utilized as a feature, it's lends a ROI of about 150% on just the unit pricing/value increase, which is saying 0 calculus of impact on utility offset's.
No, it's not a Blue-Collar real estate thing, it's for the property types that garner and most likely have a buyer/tenant with a Tesla.
And all this about liens and so on, I have no idea what all that is about. Adding solar to a $800k+ home is cheap, dirt cheap in the big picture of things. Yes, on a $200k property I bet the cost to add solar is a big price tag in comparison to property price, but why on earth would you put it on that property?
Again, as I have said previously, it's about amenity and property MATCH.
If you think nobody value's a solar system, that it's a waste of $, that's just a statement of what income/wealth class your working in, that's the raw truth of it. There is a market for it, just like there is a market for luxury rentals, you may not be familiar with it but it exists.
I won't argue, you make some good points. I doubt it has to do with the "class" of property, I work in a market that has the cheapest electricity in the country, so that likely has a direct effect on the resale value of those systems.
My experience with it, it seems to have all but nothing to do with electric bill off-set, seriously. Seems to be more a status thing. The only utilitarian place I experience any caring is connecting with EV charger, people love that, buyers and tenants. And again, I think it's more status symbol or some form of ego-stoke, everyone I've asked on #'s of savings etc., not a 1 has any idea, but they have all kinds of answers about how it looks, how cool, modern etc. it all is.
Are you suggesting to your clients to install an EV charger but no solar? Doesn’t that defeat the point of getting an electric vehicle if you’re charging it from your coal and/or gas powered house?
I’m not in your market, but I’d be happy to chat sometime and share with you my experience with solar and how it indeed can add value. I’ve been around the industry since a child and also spent 5 years in mortgages, so my question is often.. you’re telling your clients to OWN their home vs renting. Why not OWN your power and protect your clients against rising utility rates? As the demand for electricity continues to rise, so will utility rates…
Also, does every client want a pool? No. Similarly does everyone want solar? No. But it DOES save you money compared to the utility in the 3 states I operate in and it DOES indeed add value. Im happy to show you some data to change your mind :)
- 2yKyle DeutschmannPro MemberInvestor · Washington, DC · Member since 2017 · 428 posts · 205 votes
Quote from @Ryan Kelly:
@Kyle Johnson Nope.
Care to explain? see my comments above if you want more info on my perspective as someone who has been around the solar industry for years. I’m happy to chat and share some data sometime to help change your mind about solar.
It’s no longer a “left vs right” question when choosing solar. Environmentally of course it makes sense, but financially the economics are simply in favor of solar at this point.
I’d be happy to take a look at whatever data you’re seeing that is suggesting otherwise. - Member since 2019 · 7k+ posts · 4k+ votes2y
Quote from @Kyle Deutschmann:
Quote from @James Hamling:
Quote from @Corby Goade:
Quote from @James Hamling:
Quote from @Corby Goade:
If you ask a solar salesperson, they'll tell you it adds all kinds of value, but I've never heard of anyone getting any value out at the sale of the home. In my market, it makes them harder to sell, at best. If your tenants pay utilities, I'm not sure why you'd take on that debt.Quote from @Kyle Johnson:
Hello All,
I'm just curious. Will getting solar add any value, marketing and/or rental value to your SFH rental? Is it worth doing?
I can see it may add some marketing value but that's it. Curious if other have done this if they have a SFH rental.
My experience with it, it seems to have all but nothing to do with electric bill off-set, seriously. Seems to be more a status thing. The only utilitarian place I experience any caring is connecting with EV charger, people love that, buyers and tenants. And again, I think it's more status symbol or some form of ego-stoke, everyone I've asked on #'s of savings etc., not a 1 has any idea, but they have all kinds of answers about how it looks, how cool, modern etc. it all is.
Are you suggesting to your clients to install an EV charger but no solar? Doesn’t that defeat the point of getting an electric vehicle if you’re charging it from your coal and/or gas powered house?
For most EV owner we charge the car in the office where price is subsidized. There's no immediate need to install EV charger and solar.
- 2yKyle DeutschmannPro MemberInvestor · Washington, DC · Member since 2017 · 428 posts · 205 votes
Quote from @Carlos Ptriawan:
Quote from @Kyle Deutschmann:
Quote from @James Hamling:
Quote from @Corby Goade:
Quote from @James Hamling:
Quote from @Corby Goade:
If you ask a solar salesperson, they'll tell you it adds all kinds of value, but I've never heard of anyone getting any value out at the sale of the home. In my market, it makes them harder to sell, at best. If your tenants pay utilities, I'm not sure why you'd take on that debt.Quote from @Kyle Johnson:
Hello All,
I'm just curious. Will getting solar add any value, marketing and/or rental value to your SFH rental? Is it worth doing?
I can see it may add some marketing value but that's it. Curious if other have done this if they have a SFH rental.
My experience with it, it seems to have all but nothing to do with electric bill off-set, seriously. Seems to be more a status thing. The only utilitarian place I experience any caring is connecting with EV charger, people love that, buyers and tenants. And again, I think it's more status symbol or some form of ego-stoke, everyone I've asked on #'s of savings etc., not a 1 has any idea, but they have all kinds of answers about how it looks, how cool, modern etc. it all is.
Are you suggesting to your clients to install an EV charger but no solar? Doesn’t that defeat the point of getting an electric vehicle if you’re charging it from your coal and/or gas powered house?
For most EV owner we charge the car in the office where price is subsidized. There's no immediate need to install EV charger and solar.
That makes sense, but the benefit of solar (tax credits, rebates, energy savings, lower monthly cost vs. the utility, SREC income, plus the environmental benefits) certainly outweigh the cost of sticking with the inflating utility company's rates.
Happy to chat sometime and open your eyes to the world of solar if you'd like! Our panels are made in America, built to last 25 years, and cost less than the utility company in my three markets. - Member since 2019 · 7k+ posts · 4k+ votes2y
Quote from @Eliott Elias:
Solar serves no benefit to you as an investor. It ends up becoming a hindrance when it comes time to sell the property. Most solar companies do not allow investors to assume the loan, and has to be paid off on top of the purchase price.
Solar only benefits the homeowners that turn on AC for 24 hours.
And for @James Hamling , the economic value of Tesla car is increased these days as the car is getting way cheaper and Tesla is becoming middle class car. But the economic value of Solar PVC still has no increase. If Solar going down to 10k from 25k average price today, I may think to install.Guess the Tesla EV has been commoditized but not yet for Solar panels.
- Real Estate Broker · Minneapolis, MN · Member since 2011 · 5k+ posts · 6k+ votes2y
Quote from @Kyle Deutschmann:
Quote from @James Hamling:
Quote from @Corby Goade:
Quote from @James Hamling:
Quote from @Corby Goade:
If you ask a solar salesperson, they'll tell you it adds all kinds of value, but I've never heard of anyone getting any value out at the sale of the home. In my market, it makes them harder to sell, at best. If your tenants pay utilities, I'm not sure why you'd take on that debt.Quote from @Kyle Johnson:
Hello All,
I'm just curious. Will getting solar add any value, marketing and/or rental value to your SFH rental? Is it worth doing?
I can see it may add some marketing value but that's it. Curious if other have done this if they have a SFH rental.
I don't sell solar unit's, I sell Real Estate. And what I have seen and experienced, 1st and 2nd hand, is when solar is PROPERLY utilized as a feature, it's lends a ROI of about 150% on just the unit pricing/value increase, which is saying 0 calculus of impact on utility offset's.
No, it's not a Blue-Collar real estate thing, it's for the property types that garner and most likely have a buyer/tenant with a Tesla.
And all this about liens and so on, I have no idea what all that is about. Adding solar to a $800k+ home is cheap, dirt cheap in the big picture of things. Yes, on a $200k property I bet the cost to add solar is a big price tag in comparison to property price, but why on earth would you put it on that property?
Again, as I have said previously, it's about amenity and property MATCH.
If you think nobody value's a solar system, that it's a waste of $, that's just a statement of what income/wealth class your working in, that's the raw truth of it. There is a market for it, just like there is a market for luxury rentals, you may not be familiar with it but it exists.
I won't argue, you make some good points. I doubt it has to do with the "class" of property, I work in a market that has the cheapest electricity in the country, so that likely has a direct effect on the resale value of those systems.
My experience with it, it seems to have all but nothing to do with electric bill off-set, seriously. Seems to be more a status thing. The only utilitarian place I experience any caring is connecting with EV charger, people love that, buyers and tenants. And again, I think it's more status symbol or some form of ego-stoke, everyone I've asked on #'s of savings etc., not a 1 has any idea, but they have all kinds of answers about how it looks, how cool, modern etc. it all is.
Are you suggesting to your clients to install an EV charger but no solar? Doesn’t that defeat the point of getting an electric vehicle if you’re charging it from your coal and/or gas powered house?
I’m not in your market, but I’d be happy to chat sometime and share with you my experience with solar and how it indeed can add value. I’ve been around the industry since a child and also spent 5 years in mortgages, so my question is often.. you’re telling your clients to OWN their home vs renting. Why not OWN your power and protect your clients against rising utility rates? As the demand for electricity continues to rise, so will utility rates…
Also, does every client want a pool? No. Similarly does everyone want solar? No. But it DOES save you money compared to the utility in the 3 states I operate in and it DOES indeed add value. Im happy to show you some data to change your mind :)
No, I was inferring, and now out-right stating and I DO state/do, the very opposite of URGE when/if doing solar or have solar, one really should have an EV charger also.
Solar without EV charger is like a burger without the bacon.
And as I said, in my experience it's the concept of solar that people are all about, and in my opinion the status/ego of it, not the actual metrics of the numbers because everyone and I do mean LITERALLY every one of these consumers I have asked, not a 1 could tell me what those #'s were, not-a-1. But, they all said it was saving em a "bunch of $", lol. Not sure how they know that if have 0-clue of the #'s.
But hey, like I said, I don't care about any of that. I care on what tenant/buyer it get's me and the ROI for the amenity, time to list saved, competitive advantage, my care is in the monetization side of things and NOT in schlepping solar to people.
If it were an alligator pit the market were happy to pay similar ROI on I'd be doing alligator pit's.
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