This user manual describes the methods used to develop a model for appraising the value of a photovoltaic (PV) system installed on residential and commercial properties. This model follows the Income Capitalization Approach used by appraisers to determine the value of a PV system as a function of the potential energy produced over the system’s lifetime. Instructions on how to properly input values into the spreadsheet tool are presented along with a detailed description of each parameter. PV Value™ is intended for use by real estate appraisers, mortgage underwriters, credit analysts, real property assessors, insurance claims adjusters, and PV industry sales staff. This user manual references version 1.1 of the “Photovoltaic Energy Valuation Model,” (PV Value™) with a copyright date of August 31, 2012. The original version 1.0 was released on January 31, 2012, and has now expired. Version 1.1 has updates that were requested by users, most importantly an Excel® 2011 version for Mac OS X. This user manual has been changed to reflect the additional features in the model. Check back to www.pvvalue.com or http://pv.sandia.gov/pvvalue for newer versions of the spreadsheet tool. A new release is anticipated on or before July 1, 2013. Any questions or comments can be directed to Geoff Klise and Jamie Johnson at email@example.com. PV Value™ is a trademarked name by Jamie Johnson with Solar Power Electric™.
This project represents the results of a collaborative effort between Solar Power Electric™ and Sandia National Laboratories that was made possible through funding provided by the U.S. Department of Energy’s Office of Energy Efficiency and Renewable Energy. This valuation tool will reduce non balance-of-system (BOS) market barriers to PV by reducing uncertainty about the value of a PV system. Acceptance and use of this tool by the real estate industry will contribute to the overall penetration of PV systems across the U.S.