The National Association of Realtors (NAR) Research Group just released the 2023 Sustainability Report. The report details the findings found when surveying the NAR members on their experiences with green buildings and their clients reactions to green building features. Forty-eight percent of respondents reported that their clients were at least somewhat interested in sustainability when it comes to their home purchase decisions.
One area I am frequently asked about, by both Realtors and home owners, is solar panels. While the perceived value and actual appraised value may differ, it is interesting to note that 34% of respondents felt that solar panels increased the value of a home and 29% felt that solar panels decreased the value of a home. The remaining 36% either didn't know or did not feel that solar panels had an effect on the value of the property.
One thing to note with solar panels is that if the system is leased (or if the system is owned, but is financed with payments being made), then the appraiser cannot assign value to the system as it is considered "personal property" by lenders. However, if the system is fully owned outright (no payments are being made) and it is in good working order, then value is typically determined for the solar panels in the Denver metro area as solar panels are commonly accepted in the market.
In addition to solar panels, the home energy efficient/green features that clients listed to their agent or broker as important included energy efficient windows, doors, and siding, proximity to frequently visited places, and comfortable living space.