Appraisal Value on Selling Home With Photovoltaic Panels (PV) in Hawaii
How much value will an appraiser give you for your Hawaii home if you have photovoltaic (PV) panels on your house?
There is no black and white answer. I spoke to an appraiser today and asked that question. The appraiser said that they would give approximately 1/3 to 1/2 of the cost of the panels. For example, if the home owner purchased the panels for 40k, then the appraiser would give approximately 13k to 20k value on the appraisal of the house.
Appraisers realize that home owners buy the pv panels and then in most cases, they are able to get a 35% state tax credit in Hawaii and a 30% federal tax credit. The tax laws are complicated enough and PV tax credits are even more confusing. I am not a tax expert so please consult one if you have detailed questions.
Our wonderful Governor put a limit on the tax credits on Jan 1, 2013. The tax credit used to be better than it is now for the state of Hawaii.
Did you lease a photovoltaic system for your house rather than purchasing one? I asked the appraiser about this scenario and the appraiser told me that if they find out the system is leased, they will give ZERO value to the home since the home owner paid nothing for the system.
For more information on Hawaii real estate, homes for sale in Hawaii and Ewa Beach real estate, contact your experts at Hawaii Military Realty in Ewa Beach, Hawaii.