Buying a Home With Solar Panels? What You Need to Know
The Solar Energy Industries Association has reported that the U.S. now has enough solar installations to power 11 million homes. With solar panels showing up on homes for sale at every price point, real estate agents are quickly becoming “solar experts” and gaining sufficient knowledge about solar power and solar installations to help guide their clients through the process of purchasing a home with solar panels on its roof.
Purchasing a home with solar panels can be an added bonus for the buyer — providing the immediate benefits of lower electric bills, becoming more energy independent and less reliant on utility companies, as well as becoming part of a movement to reduce negative impacts on the environment.
For the seller — the benefit is substantial and financial — increasing home values by 3-4 percent!
If your dream home does not already have solar panels on its roof, it can be just as advantageous to you. When installing a new solar system, you will be able to reap the benefits of installing a brand-new system that you’ve selected yourself. Switching to solar and installing solar panels is extremely easy and very affordable. With a new installation, you can take advantage of all the federal and state tax credits, incentives, and financing plans that offer a $0 down option.
Here’s what you need to know if the home you want to buy has an existing solar system:
- Find an agent, lender, and title company that has training and is knowledgeable about solar systems.
- Research the system and learn about the company who had originally installed it, along with any warranties. You will want to make sure that your solar panels were installed by a reputable company – preferably, one that is local, easily accessible and available to provide services and answer questions when needed.
- Use the PV Value calculator to find out how much your system is worth.
- Find out if the system is owned or leased, so that you know what your commitment will be regarding the costs and risks. If leased, you will need to decide whether you’d like to take over the lease payments or require the seller to pay off the loan before closing on the house.
- Ensure the previous homeowner has all the necessary monitoring software information and has provided this information to the new homeowner.
We offer a free consultation and would be happy to walk you through the process of installing and maintaining a solar system. Please call 914-762-7622, www.sunrisesolarllc.com to schedule an appointment.