Understanding the market demand and energy subsidies of solar developments frames the discussion for resale value and appraisal.
Downers Grove, Illinois (PRWEB) March 19, 2013
The Economics of Renewable Energy in Illinois: Financial Benefits of Building Installed Solar Photovoltaic Systems is the topic of The Illinois Solar Energy Association (ISEA) March Solar Lecture Series Event at Emmets Ale House, 5200 Main Street, Downers Grove, Illinois 60515 at 630pm. There is a $10 fee for ISEA members and $15 fee for non-members.
Across a large number of data points, a 2011 study by LBNL found strong evidence that California homes with Photovoltaic (PV) systems have sold for a premium over comparable homes without PV systems. The effects range, on average, from approximately $3.9 to $6.4 per installed watt (DC) of PV, with most coalescing near $5.5/watt, which corresponds to a home sales price premium of approximately $17,000 for a relatively new 3,100 watt PV system (the average size of PV systems in the study).
Mr. Andereck will present two case studies, a small 10kW commercial project in Naperville and a 32.1kW series of arrays atop low income housing in South Chicago in collaboration with EcoSolar Solutions. The different approaches to financial success and the influences on the project by market demand and energy subsidy will illustrate current first cost approaches to solar development in the state and lay the real world framework for a discussion about resale value and appraisal.
Mr. Hobbs will discuss the changing Chicago real estate market, national trends affecting the local real estate market, and the importance of understanding the benefits of Renewable Energy and impact on appraisal requirements. Additional bonus topic to be covered includes the current state-of-the High Efficiency “Green” Building market demand in Illinois.
The Illinois Solar Energy Association (ISEA) is a non-profit organization that promotes the widespread application of solar and other forms of renewable energy through education and advocacy. ISEA is the state resource for renewable energy related policy developments,educational classes, events and access to local renewable energy vendors.
A grad of California Polytechnic University and UCLA, Kelly Andereck is an experienced architect and consultant with over 25 years of experience; he has been on the leading edge of the High Performance Green Building and is a published author and expert on the environmental marketplace. He is currently developing “A Solar Studio”, a full service consulting studio that houses engineers, architects and sales assistance. The studio continues his work to transform the renewable energy market. Previously, Mr. Andereck was principal owner of A Design Consulting, a full service architectural firm servicing the residential sector and as an Associate Architect with Skidmore Owings & Merrill he began the firm’s First sustainable design studio coordinating engineering and design services globally from 1999‐2003 and is a founding member of the USGBC and Chicago USGBC.
Michael Hobbs, SRA, RAA, LEED GA, of PahRoo Appraisal & Consultancy, is a columnist, author and national speaker addressing the topics of real estate investing and appraisal, sustainable and energy efficiency's impact on property values and entrepreneurship. The Notre Dame graduate is President of PahRoo Appraisal & Consultancy, a multidisciplinary real estate appraisal and consulting firm founded in 2000. He is a state‐certified real estate appraiser in Illinois, performing court testimony as an expert witness in various local, state and federal courts. He holds the SRA designation from the Appraisal Institute, is a United States Green Building Council (USGBC) LEED GA, and has received the RAA designation from the National Association of Realtors. He is currently a board member of Entrepreneur Organization's Chicago Chapter, a global business network of 8,700+ business owners in 122 chapters in 35 countries.