Reading the actual guideline text below — never a general AI guess

Here's what the guidelines say about owned versus leased solar panels: When homeowners buy their solar panels outright or finance them as part of the home's mortgage, we can include them in the property's value during appraisal just like any other home improvement. But when panels are leased, covered by a power purchase agreement (where someone else owns them and sells you the electricity), or financed separately in a way that lets the company repossess them, we have to treat them as personal property that belongs to someone other than the homeowner—meaning we exclude them from the appraisal value entirely. The same rule applies to battery storage systems installed with solar: owned or mortgage-financed batteries count toward value, while leased or separately financed batteries do not. VA also requires us to consider whether removing leased panels would hurt the property's value, since the lease might encumber the title. The underlying principle across all these guidelines is straightforward—we only count solar equipment toward home value if the homeowner actually owns it.

Straight from Fannie Mae Selling Guide, VA Lenders Handbook (Pamphlet 26-7), Solar PV: Real vs. Personal Property & Valuation (Fannie Mae, Freddie Mac, FHA, VA, UAD 3.6), and UAD 3.6 / URAR (FNMA) — nothing added.

Recent California data shows 5-10% premium for owned solar homes

California-specific data shows owned solar panels add 5–10% to home value (about $39,500–$79,000 on median homes), while leased panels generally do not add appraised value.

Fannie Mae appraisal guidelines exclude leased solar panels from property value

Under Fannie Mae's appraisal guidelines, leased solar panels, those under a power purchase agreement (PPA), or separately financed with a UCC lien may not contribute to appraised property value.