Leasing Into the Sun A Mixed Method Analysis of Transactions of Homes with Third Party Owned Solar
Date Published |
01/2017
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Publication Type | Report
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LBL Report Number |
LBNL- 1007003
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Abstract |
This analysis is the first to examine if homes with third-party owned (TPO) PV systems are unique in the marketplace as compared to non-PV or non-TPO PV homes. This is of growing importance as the number of homes with TPO systems is nearly a half of a million in the US currently and is growing. A hedonic pricing model analysis of 20,106 homes that sold in California between 2011 and 2013 is conducted, as well as a paired sales analysis of 18 pairs of TPO PV and non-PV homes in San Diego spanning 2012 and 2013. The hedonic model examined 2,914 non-TPO PV home sales and 113 TPO PV sales and fails to uncover statistically significant premiums for TPO PV homes nor for those with pre-paid leases as compared to non-PV homes. Similarly, the paired sales analysis does not find evidence of an impact to value for the TPO homes when comparing to non-PV homes. Analyses of non-TPO PV sales both here and previously have found larger and statistically significant premiums. Collection of a larger dataset that covers the present period is recommended for future analyses so that smaller, more nuanced and recent effects can be discovered. |
Notes |
Webinar Presentation PDF to be available in late March 2017 Summary of TPO Contracts Presentation PDF A related survey of buyers, sellers, and realtors involved in TPO transactions in San Diego can be found here. |
Year of Publication |
2017
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