Buying a House With Solar Panels Already Installed
There are many factors to consider when buying a house that has solar panels already installed. Solar panels can either be leased or purchased outright. Depending on the circumstances, the mortgage lender may require you to lease the solar panels or pay for the panels outright. This can pose a problem when buying a property, or if you decide to sell it. For this reason, it is important to check the roof condition of the home before purchasing it.
Costs of a leased solar power system
If you’re considering purchasing solar panels, you’ll have to decide whether to go with a leased or an acquired one. There are pros and cons to each of them. An acquired system may increase in price over time, and a leased system can increase in cost over the same amount of time. The best choice depends on your financial situation, and will ultimately depend on whether you can afford the initial purchase price and monthly payments.
A leased system can have a longer payback period. The savings generated by a solar system can last between seven and twenty years, depending on the lease contract. However, your lease payment increases year after year. A leased solar system is often less expensive than an outright purchase, but it can cost up to $20,000 or more. This option also allows you to build your credit score while you are not committing to any major up-front payment.
Roof condition of a home with solar panels
If you’re considering adding solar panels to your home, the roof of your home should be in good condition. If it has any damage or is in need of replacement, it’s best to fix it before you install solar panels. If you wait, you could end up paying for repairs later, as solar panels have a lifespan of 25-30 years. In such cases, it’s important to hire a reputable solar installer.
While installing solar panels on an existing roof, it’s important to take the roof’s pitch into consideration. The pitch of the roof is the height of the vertical rise divided by its horizontal run. A pitch of 30 degrees is considered optimal for solar panels, and a roof with this pitch has seven inches of rise for every 12 inches of horizontal space. Similarly, a home with an overhanging tree might not receive as much sunlight as it could.
Maintenance of leased solar panels
When considering a lease for solar panels, consider what you’ll need to know about the maintenance of leased panels. While the leasing company may offer free monitoring and maintenance, it’s best to know that you’re responsible for any maintenance issues. While some leasing companies include general warranties with their leased panels, you might want to make sure you understand your contract carefully. Owned solar panels often require a significant amount of maintenance.
Before signing a solar lease agreement, check with the company that installed your solar panels. Typically, solar leases last between 20 and 25 years. They have a one to three-percent annual increase. Be sure to find out if any penalties or hidden costs apply when you transfer your lease. You can also ask your solar service transfer specialist about any questions that you have about the agreement.