What Happens If I Buy a Home With Solar Panels?
A solar-powered house can benefit both the seller and the buyer. Solar energy is a free source of energy, which the seller must disclose when selling the home.
Buying a home with leased solar panels
Buying a home with leased solar panel may not be for everyone. Some buyers would prefer to purchase the home outright, while others would be happy to pay the monthly lease payments and then remove the panels once they move out. If you have solar panels on your roof, however, you should know that the home’s owner isn’t likely to sell the home without purchasing the solar panels. Before you purchase the solar panels, you should find out how much it will cost you to buy them out. Be prepared to shell out an extra $15,000 to $20,000 or more. A knowledgeable Realtor can also help you navigate the purchase and sale of a home with leased solar panels.
One of the most important steps in evaluating the quality of solar panels is the warranty. Solar panels come with a warranty, which can protect you in case something happens to the panels. Check if the warranty covers the solar panels and the installation company. Some of these companies provide a ten-year warranty on their equipment or parts. It’s a good idea to ask the installer about it before making an offer.
Selling a home with leased solar panels
If you’re in the process of selling a home and have solar panels on the roof, you’ll likely need to pay off the rest of your loan. The good news is that your solar panels will likely have a higher selling price than a home without them. That extra revenue could help you pay off your loan. Or, you can sell them separately as part of your home. Either way, the panels themselves will still be worth money.
However, if your solar lease is a legal agreement, you should consider paying it off before selling your home. The solar leasing company will put a lien on your property to protect its equipment and to ensure that you pay off the lease contract. This will complicate the sale process because not every prospective buyer will assume the solar lease and some buyers may not even qualify for it. In that case, you will have to pay off the solar lease before you can sell your home.
Taking over a lease agreement for leased solar panels
If you’re considering buying a house with solar panels but you don’t want to keep the existing solar lease, you may wish to take over the lease yourself. However, it is important to remember that solar lease companies set credit standards for lessees, so if your credit score isn’t high enough, you may not be able to take over the lease. If this is the case, you may be better off looking for a different home.
A real state agent will invite solar installers and utility companies to teach buyers about how to take over a lease. While it may be tempting to take over the lease agreement, some buyers don’t want to do it. They may end up delaying the closing of the sale or canceling it altogether.