Home real estate transactions in San Diego involving properties with rooftop solar electric systems are on the rise and can be complicated for buyers, sellers and agents when dealing with financing issues.
That’s why CSE is presenting a seminar on solar home sales for real estate professionals focusing on the realities of how solar may affect pricing and time on the market from 11 a.m. to 1 p.m. on Monday, June 13.
More than 79,000 single-family homes in the San Diego area, or approximately 10-15 percent, are outfitted with solar photovoltaic (PV) systems, and the number continues to grow exponentially as solar contractors engage more customers with lease agreements. Known as solar leases or power purchase agreements, it’s a financing option typically offered with no upfront money and low-cost monthly payments while the solar installer or a third-party financing company owns the system. Nationwide, more than 70 percent of residential PV systems are sold this way.
While research conducted by CSE in 2015 shows leased solar has a minimal impact on home sales, either in terms of pricing or time on the market, buyers are often skeptical and unsure about how the lease agreement will transferred or bought out. The study showed that real estate agents play a key role in educating buyers about solar leases.
The real estate seminar will feature a panel of local and nationally recognized industry experts presenting on solar home valuations and real estate transactions in the San Diego area. Speakers will include experts on real estate sales, solar adoption, real estate appraisals, green building and financing - including solar loans and property assessed clean energy (PACE) loans.