On July 28th, the Getting Renewable and Energy Efficient Neighborhoods (GREEN) Appraisals Act of 2022 was introduced in the House by Rep. Perlmutter (D-CO) and Rep. Casten (D-IL). If passed, the bill would allow borrowers to provide energy efficiency information to appraisers for their consideration when performing appraisals.
Importantly, the bill does not dictate whether or how the energy efficiency information should be reflected in the opinion of value. Energy efficiency characteristics would include any renewable energy-related features (such as solar panels) and the energy consumption of the property relative to comparable homes. For an appraiser to accept an assignment with an energy efficiency report, the appraiser must have completed seven hours of continuing education on valuing energy measures and understand the contents of energy reports.
ASA supports the passage of the bill. To read the bill, click here. The bill number has yet to be assigned.