With all that goes into buying a home, prospective buyers can feel like they're drowning in details.
Fortunately when deciding if you should buy a house already equipped with solar panels, the experts at EnergySage have a great breakdown of everything you need to know.
Zooming out, buying into solar is a major positive as on average it increases houses' values by about 4%, per Zillow. It is also a great way to save on energy bills, and reduce your household's planet-heating pollution. Still, the details are worth digging into.
If the previous owner bought the solar panels, the situation is simple. You'll want to transfer ownership and warranties, and then contact the utility company, per EnergySage. Lucky for new homeowners, energy savings start immediately, and they can explore how to get paid for generating clean energy.
Purchasing a home with leased panels is more complicated. If you're buying into a lease you'll want to explore the monthly payment terms, buyout options, annual rate increases, and cancellation penalties. All of these will factor into the setup's desirability.
A solar power purchase agreement (PPA) presents a similar situation to a lease, per EnergySage. You'll pay for the solar energy you use as opposed to a fixed rate. Both a lease and a PPA will need to be transferred over, and in both cases there is room to negotiate.
One last potential situation is a solar loan. Typically, this will not fall to the buyer. If the seller does transfer the loan to the buyer, it's worth hashing it out with the seller.
Two connected variables remaining are the condition of the house's roof and the panels. EnergySage notes it might be worth getting a specialized roof inspection to ascertain if you'll need a costly roof replacement alongside solar panel removal and reinstallation.
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How new the solar panels are is an important consideration, with panels typically lasting 25-30 years and experiencing modest efficiency losses during that span.
Overall, having solar is typically a winning proposition. EnergySage does caution that "before making an offer, it's worth thinking about the drawbacks." That's where negotiation comes in to ensure the seller prices in negative factors like remaining payments for the setup, older panels, potential roof replacement costs, and more.
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What's the biggest factor stopping you from investing in solar panels? Click your choice to see results and speak your mind. |
The cost 💰 If your new house doesn't have solar or you're looking to add panels to your existing one, don't fret. EnergySage's marketplace is a great place to compare quotes, connect with trusted installers, and learn about government incentives.
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