Solar Power Adds A Premium To A Home’s Resale Value
Residential real estate professionals know that amenities such as a renovated kitchen or a new bathroom can increase the resale value of a home. New research from the Lawrence Berkeley National Laboratory indicates that a rooftop photovoltaic system can also increase the house’s price, and researchers were able to quantify how much of a premium solar can command.
In December of last year, the Berkeley Lab released a report noting that although the installation of photovoltaic projects is increasing, appraisers and other real estate industry professionals often assign no value to a home’s PV systems. Tools such as the PV Value spreadsheet from Sandia National Laboratories and Energy Sense Finance are available to mortgage professionals but are not widely used.
The report, “Exploring California PV Home Premiums,” posits that “the drivers underlying PV home premiums are not well understood, which may deter some appraisers from assigning value to PV systems.”
The researchers examined 1,894 PV homes sold in California from 2000 through 2009 and compared them to 70,425 non-PV homes sold over the same period and in the same neighborhoods as the PV homes. The researchers made sure that other factors did not affect the sales prices.
“We controlled for differences in the homes, such as one home might be slightly larger or have granite countertops,” says co-author Ben Hoen, a staff research associate for Berkeley Lab. “After controlling for those differences, we could estimate PV and non-PV, and the assumption is the PV system is what’s driving that premium.”
The study built on a 2011 Berkeley Lab study by the same authors and looked at both the cost approach, based on the cost equivalent of the installed PV system, and the income approach, based on the value of the PV energy produced over the system’s lifetime. The researchers measured how much the premiums were affected by the age and size of the PV system. The results: larger systems commanded larger premiums, and older systems garnered smaller premiums. Each 1 kW increase in size equated to a $5,911 higher premium, but each year a system aged equated to a $2,411 lower premium.
“We are able to look at the macro level to look at these differences over multiple homes that have systems of various ages and sizes and see if there is a difference in premium,” Hoen says. “Appraisers can go out and look at individual homes and say, ‘Okay, how much can I add?’ and they can reference our work.”
Incorporating the value of PV into an assessment has been a challenge, says Sandra Adomatis, appraiser and owner of Adomatis Appraisal Service in Punta Gorda, Fla.
“The thing lenders like to see the most is paired sales, which is a home that sold that had solar, compared to a similar house that didn’t have solar,” she says. “When you are in a market that doesn’t have a lot of PV home sales, that’s difficult to get. Some underwriters will say, ‘I will only accept an adjustment if you can show a paired sale.'”
Adomatis, who teaches a PV Value course at the Appraisal Institute, adds that some lenders are adapting to the idea of solar contributing to the price of a home price. “I think they are more open to it in certain markets,” she says. “It goes back to the way the appraiser documents it. The appraiser needs to document what’s the age, what’s the size, what’s it producing, what’s the warranty term. Those are the factors.”
Another factor is the quality of the data. Last year, Lisa K. Desmarais, an appraiser with Peak to Peak Appraising in Broomfield, Colo., wrote a paper entitled, “The Impact of Photovoltaic Systems on Market Value and Marketability,” for the Colorado Energy Office. The study looked at 30 single-family homes in the north Denver area and found that in 22 of 30 case studies, PV systems contributed $1,400 to $2,600 per kW to the home’s market value. Desmarais says the study can help the finance community see solar differently.
“In our industry in general, we have to support every conclusion we make with data,” Desmarais says. “Before we had this document, there wasn’t a clear way to understand if solar added value or not, so most people were leaning toward not,” she says. She is currently working on another paper that will focus more on energy efficiency.
Hoen and the other Berkeley Lab researchers are also working on another project. The next paper will involve data from 150,000 homes in 14 states.
“The appraisal community and the lenders and underwriters need to understand these assets have value and need to be appropriately valued during the transaction process,” he says.
The Berkeley Lab report can be found here.
The Colorado Energy Office paper can be found here.
By Nora Caley
Nora Caley is a freelance writer based in Denver.
Solar3D’s Proposed Acquisition, SUNworks, Praised by Customers
Customers Surveyed Provide Strong Feedback about SUNworks’ Superior Quality and Customer Service
Santa Barbara, CA – November 25, 2013 – Solar3D, Inc. (OTC: SLTD), the developer of a breakthrough 3-dimensional solar cell technology to maximize the conversion of sunlight into electricity, today announced that customers surveyed by its proposed acquisition, Solar United Networks, Inc. (SUNworks), praised the company for its quality and service and considered it to be a premier solar systems provider.
Abe Emard, Chief Executive of SUNworks stated, “When we surveyed our customers, it became clear to us that they are our best source of advertising. Comments made by certain customers demonstrate that we are living up to our stated core values.”
William Stone, President, Drum Heller Dryers
“We are extremely satisfied with SUN works ability to facilitate the entire process from development, financing, and installation,” said William Stone, President of Drum Heller Dryers. “They went the extra mile to overcome any obstacles that got in the way and made sure we were always informed. As we grow our operation, we will continue to contact SUNworks for all our solar energy needs. Their customer service and level of integrity was far superior to what we have experienced in the past.”
Sam Jamison, Director of Engineering, Jackson Family Wines
“SUNworks designed, developed, and installed the ballast mount system on our three barrel buildings,” said Sam Jamison, Director of Engineering for Jackson Family Wines. “Their innovative design and attention to detail through design, permitting, and installation was impeccable. They have a proven schedule control and excellent quality control. We were very pleased with their superior customer service, and overall performance. We will continue to work with SUNworks on all our future projects.”
Kyle Remley, Project Coordinator, Main Street Power
SUNworks completed a very difficult solar project located on seven different sites around the University of California Davis campus. Kyle Remley, of Main Street Power was the Project Coordinator. According to Mr. Remley, “I was pleased with SUNworks’ ability to step up and complete a challenging project. With weekly construction challenges and changes, and a fixed completion date, SUNworks was able pull the necessary resources together and meet the high expectations of both the University and Main Street Power within our narrow time frame. SUNworks’ ability to improvise in the field and provide solutions to unforeseen issues was well received and I would recommend SUNworks for any similar, challenging solar installation.”
Emil Beitpolous, President of SUNworks, added, “SUNworks’ core values include a commitment to superior customer service, treating individuals with dignity and respect, conducting our business with honesty, integrity and fairness, and continuously raising the bar in the solar industry. Our commitment to these core values has created lifelong customers in the Commercial & Agriculture Industry. We believe that as our customers grow their operations and expand, they will continuously call on SUNworks as their solar energy provider to help them achieve energy independence.”
Jim Nelson, CEO of Solar3D, concluded, “This is what being competitive is all about. SUNworks will continue to grow, profit and win as it provides the superior customer service that is its differentiating characteristic. We believe that Solar3D will flourish as we identify comparable companies with similar values and invite them to join the Solar3D family of companies.”
SUNworks, focused on the design, installation and management of solar energy systems for commercial, agricultural and residential customers, is one of the fastest growing solar systems providers in California. The company has delivered hundreds of 2.5 kilowatt to 1-megawatt commercial systems and has the capability to deliver systems as big as 25 megawatts. Its revenue for 2013 is estimated to be in excess of $7,500,000, with estimated pre-tax profits of almost $1,000,000. After the acquisition, SUNworks will continue operations as a wholly owned subsidiary of Solar3D. The transaction is expected to close in January 2014.
About Solar3D, Inc.
Solar3D, Inc. is developing a breakthrough 3-dimensional solar cell technology to maximize the conversion of sunlight into electricity. Up to 30% of incident sunlight is currently reflected off the surface of conventional solar cells, and more is lost inside the solar cell materials. Inspired by light management techniques used in fiber optic devices, our innovative solar cell technology utilizes a 3-dimensional design to trap sunlight inside micro-photovoltaic structures where photons bounce around until they are converted into electrons. An innovative wide-angle light collection feature on the cell surface allows for the collection of sunlight over a range of angles during the day. This next generation solar cell is designed to be dramatically more efficient, with the goal of achieving a lower cost per watt that will make solar power affordable for the world. To learn more about Solar3D, please visit our website at http://www.Solar3D.com.
Safe Harbor Statement
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words “anticipate,” “believe,” “estimate,” “may,” “intend,” “expect” and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These risks include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, products, and prospects for sales, failure to commercialize our technology, failure of technology to perform as expected, failure to earn profit or revenue, higher costs than expected, persistent operating losses, ownership dilution, inability to repay debt, failure of acquired businesses to perform as expected, the impact on the national and local economies of terrorist actions, and U.S. actions subsequently; and other factors detailed in public reports filed by the Company.
Press Contact:
Jim Nelson
jnelson@solar3d.com
805/690-9000
SUNworks Growth and Profitability are a Function of its Superior Customer Service–a Critical Factor in Solar3D’s Decision to Acquire
Santa Barbara, CA – November 19, 2013 – Solar3D, Inc. (OTC: SLTD), the developer of a breakthrough 3-dimensional solar cell technology to maximize the conversion of sunlight into electricity, today announced, that customer service excellence is a key factor that led the company to its proposed acquisition of Solar United Networks, Inc. (SUNworks).
“I have acquired, consulted to and/or managed dozens of companies in my career with Bain & Company and in my private equity work,” said Jim Nelson, CEO of Solar3D. “During that process, I learned a key truth: companies built for long-term growth and value are built on great customer service. SUNworks is outstanding in that respect – collaborating with the customer, identifying its needs, delivering on promises and completing on time. This is a management team that gets it.”
Abe Emard, Chief Executive of SUNworks, added, “We have an absolute commitment to providing the best customer service in our industry. We have confidence that customers will come back for more if they are fully satisfied. And they will refer us gladly to their friends and colleagues. We are very ambitious and intend to grow revenues and profits very aggressively. But we will never outgrow the desire to deliver quality.”
SUNworks, focused on the design, installation and management of solar energy systems for commercial, agricultural and residential customers, is one of the fastest growing solar systems providers in California. The company has delivered hundreds of 2.5 kilowatt to 1-megawatt commercial systems and has the capability to deliver systems as big as 25 megawatts. Its revenue for 2013 is estimated to be in excess of $7,500,000, with estimated pre-tax profits of almost $1,000,000. After the acquisition, SUNworks will continue operations as a wholly owned subsidiary of Solar3D. The transaction is expected to close in January 2014.
Nelson concluded, “With SUNworks the management team as a platform, we will seek to acquire additional companies with the same level of commitment to customer service excellence. That is the value on which we will build our solar systems business.”
About Solar3D, Inc.
Solar3D, Inc. is developing a breakthrough 3-dimensional solar cell technology to maximize the conversion of sunlight into electricity. Up to 30% of incident sunlight is currently reflected off the surface of conventional solar cells, and more is lost inside the solar cell materials. Inspired by light management techniques used in fiber optic devices, our innovative solar cell technology utilizes a 3-dimensional design to trap sunlight inside micro-photovoltaic structures where photons bounce around until they are converted into electrons. An innovative wide-angle light collection feature on the cell surface allows for the collection of sunlight over a range of angles during the day. This next generation solar cell is designed to be dramatically more efficient, with the goal of achieving a lower cost per watt that will make solar power affordable for the world. To learn more about Solar3D, please visit our website at http://www.Solar3D.com.
Safe Harbor Statement
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words “anticipate,” “believe,” “estimate,” “may,” “intend,” “expect” and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These risks include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, products, and prospects for sales, failure to commercialize our technology, failure of technology to perform as expected, failure to earn profit or revenue, higher costs than expected, persistent operating losses, ownership dilution, inability to repay debt, failure of acquired businesses to perform as expected, the impact on the national and local economies of terrorist actions, and U.S. actions subsequently; and other factors detailed in public reports filed by the Company.
Press Contact:
Jim Nelson
jnelson@solar3d.com
805/690-9000
Solar3D’s Proposed Acquisition Poised for Dramatic Growth
Based on its growing backlog of orders, SUNworks is well positioned to substantially increase sales and earnings in 2014
Santa Barbara, CA – November 13, 2013 – Solar3D, Inc. (OTC: SLTD), the developer of a breakthrough 3-dimensional solar cell technology to maximize the conversion of sunlight into electricity, last week announced that it signed a definitive purchase agreement to acquire 100% of Solar United Networks, Inc. (SUNworks), based in Roseville, California. Today, management announced that the company is expected to experience substantial growth of sales and earnings in 2014.
“The planned acquisition of SUNworks provides us with the opportunity that we have been seeking to enter the solar energy systems business,” said Jim Nelson, CEO of Solar3D. “Based on business already sold and in the backlog, the management team at SUNworks is already forecasting substantial growth for 2014 – on a trajectory consistent with its dramatic growth of the last few years. The company’s aggressive market expansion plan is supported by the management team’s commercial market expertise, as well as a depth of knowledge regarding legislative incentives and programs in the solar commercial sector.”
SUNworks, focused on the design, installation and management of solar energy systems for commercial, agricultural and residential customers, is one of the fastest growing solar systems providers in California. The company has delivered hundreds of 2.5 kilowatt to 1-megawatt commercial systems and has the capability to deliver systems as big as 25 megawatts. Its revenue for 2013 is estimated to be in excess of $7,500,000, with estimated pre-tax profits of almost $1,000,000. After the acquisition, SUNworks will continue operations as a wholly owned subsidiary of Solar3D.
Abe Emard, CEO of SUNworks, said, “We are absolutely committed to growth and strive to be one of the fastest growing companies in the systems sector of the solar industry. By becoming part of Solar3D, we can do the things we have always wanted to do – grow internally through our company sales, and grow through the acquisition of other great companies with similar values and similar ambitions.”
Nelson concluded, “In addition to the solar energy systems business, Changwan Son, our lead scientist, and his team will continue to focus on the development of our 3-dimensional solar cell technology. The SUNworks business with its anticipated growth and profitability is expected to be the perfect complement to the exciting future we envision with the development of our new Solar3D Cell.”
About Solar3D, Inc.
Solar3D, Inc. is developing a breakthrough 3-dimensional solar cell technology to maximize the conversion of sunlight into electricity. Up to 30% of incident sunlight is currently reflected off the surface of conventional solar cells, and more is lost inside the solar cell materials. Inspired by light management techniques used in fiber optic devices, our innovative solar cell technology utilizes a 3-dimensional design to trap sunlight inside micro-photovoltaic structures where photons bounce around until they are converted into electrons. An innovative wide-angle light collection feature on the cell surface allows for the collection of sunlight over a range of angles during the day. This next generation solar cell is designed to be dramatically more efficient, with the goal of achieving a lower cost per watt that will make solar power affordable for the world. To learn more about Solar3D, please visit our website at http://www.Solar3D.com.
Safe Harbor Statement
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words “anticipate,” “believe,” “estimate,” “may,” “intend,” “expect” and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These risks include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, products, and prospects for sales, failure to commercialize our technology, failure of technology to perform as expected, failure to earn profit or revenue, higher costs than expected, persistent operating losses, ownership dilution, inability to repay debt, failure of acquired businesses to perform as expected, the impact on the national and local economies of terrorist actions, and U.S. actions subsequently; and other factors detailed in public reports filed by the Company.
Press Contact:
Jim Nelson
jnelson@solar3d.com
805/690-9000
SUNworks and SunPower Forge Premier Partnership
October, 2012 – SUNworks, a California based Residential, Commercial, & Agricultural solar integrator announced that it has been selected as a SunPower Authorized Dealer by SunPower Corp. (NASDAQ: SPWRA, SPWRB), a manufacturer of high-efficiency solar cells, solar panels, and solar systems.
Together, SunPower and SUNworks are raising the bar in the solar industry with unparalleled, high-quality products and services. Through this first-of-its-kind program designed to improve customer service SUNworks will continue to provide premium SunPower products through a multitude of customer friendly financing options. “We take a lot of pride in creating a system specific to the owner’s needs…not ours, and SunPower allows us to achieve that at an even higher standard.” said SUNworks President Emil Beitpolous.
Through the available financing avenues such as low interest solar loans, 12 months Same-As-Cash, lease options, PPA’s, and farm credit lending, home and business owners are enabled to have SUNworks install a premium American made SunPower system for zero dollars out of pocket, no interest or payments for 12 months, and positive cash flow from day one.
“SunPower Authorized Dealers are selected for their commitment to providing customers with outstanding service in delivering the most efficient and reliable solar technology available today,” said SunPower President Jim Pape. “We are very pleased to welcome SUNworks as a member of our network”.
For more on the premium SunPower products, services, and financing options contact SUNworks at 866-600-6800 or online at http://www.VisitSunWorks.com.
The Los Angeles City Council has approved the launch of thre Los Angeles Department of Water and Power‘s (LADWP) new rooftop solar program, CLEAN LA Solar.
Enphase Energy Inc. (ENPH) (ENPH), the largest provider of microinverters for solar panels, raised $51.1 million in its initial public offering, about half of what it initially sought.
U.S. sets ‘surprisingly low’ China solar panel duties
Energy analysts had expected Chinese imports of solar panels to be hit with preliminary duties of 20 percent to 30 percent, but the rates announced on Tuesday ranged from just 2.90 percent to 4.73 percent – although these could be raised in future.
Solar 15% Returns Lure Investments From Google to Buffett
U.S. solar developers are luring cash at record rates from investors ranging from Warren Buffett to Google Inc. (GOOG) and KKR & Co. by offering returns on projects four times those available for Treasury securities.
California Attor
ney General EdmundG. Brown Jr. has filed a lawsuit against government-sponsored enterprises Fannie Mae and Freddie Mac for their actions taken against property-assessed clean energy finance (PACE) programs in the U.S.
SUNworks Solar 