Commercial PV Property Appraiser Survey: Summary of Results

TitleCommercial PV Property Appraiser Survey: Summary of Results
Publication TypeReport
Year of Publication2018
AuthorsBen Hoen, Geoffrey T Klise, Andrea Ambrosini, Bill Garber, Jonathan Thatcher
Date Published08/2018
Abstract

Solar photovoltaic systems can be a valuable asset when attached to a property. Therefore, providing market participants with information and tools to credibly assess the value that PV adds to property is important.  To that end, LBNL, SNL and AI conducted a survey of commercial appraisers to assess methods of valuing commercial properties with existing PV systems, current trends, and factors that help or hurt market adoption. The survey elicited 44 responses. Although an overwhelming majority of the respondents had conducted appraisals of properties with solar, how such systems are valued varied widely. Less than half of the respondents reported utilizing AI-endorsed tools such as PV Value ® or Ei Value ® for assignments, which may indicate a lack of awareness that such tools exist.  A number of appraisers have taken the AI Residential & Commercial Valuation of Solar course and/or pursued a number of self-study avenues to increase their knowledge of PV systems. A majority indicated that they would be interested in taking an online course if it was offered. Overall, preliminary results point to a need for standardization of valuation metrics and a method of disseminating (e.g. classes) and utilizing (e.g. assessment tools) such metrics in order for appraisers to consistently evaluate and increase demand of properties with PV systems.