A homebuyer who offered $80,000 over asking on a house said a financed solar system nearly derailed the entire deal.
After nearly two weeks of trying to get EnFin to move a roughly $40,000 solar loan transfer along, the buyer said they were prepared to walk away unless the sellers paid it off.
Here's what to know
Writing on Reddit, the buyer said the closing was being delayed because the home's solar financing had to be transferred first. They said the remaining balance was still about $39,000 on an original $40,000 loan and that repeated phone calls and emails to EnFin had not resolved the issue.
By their account, the budget had no room left for another major expense.
"I already went 80K OVER ASKING," the buyer wrote, adding that their real estate agent, lender, the sellers, the listing agent, and the title company had all tried reaching EnFin without success.
Among the replies, one comment captured the hesitation many readers expressed: "If you're having this much of an issue with the company holding the note on the solar panels now just imagine how much you're going to enjoy dealing with them for the next decade while you pay off that loan."
Financing problems can overshadow the benefits of rooftop solar. Going solar is still one of the best ways to save money on home energy, especially when homeowners can compare equipment and installer pricing upfront. Tools such as EnergySage let shoppers get free solar installation estimates and compare quotes before signing anything.
More background
Several commenters said the unpaid solar balance should be handled by the seller, like other debts tied to the property.
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"I would expect it to be included in the cost of the house, not have to take over a loan from the previous owner," one commenter wrote.
Another user added: "The seller should bear the costs for this. They're the ones getting a big wad of money out of the deal."
Solar panels can lower utility bills and reduce pollution from dirty energy, but a confusing loan structure or poor servicing can turn what should be a cost-saving upgrade into a risk for the deal.
What can be done?
Before closing, buyers can confirm whether a solar setup is owned outright, leased, or financed and examine the terms carefully. It can also help to review electric bills from before and after installation, since expected savings don't always match what a particular household sees.
More From EnergySage
💡Go deep on the latest news and trends shaping the residential solar landscape
For homeowners considering solar, comparison shopping can make a major difference. With EnergySage's help, the average person can save up to $10,000 on solar purchases and installations. EnergySage's solar map also shows the average cost of a home solar panel system state by state, along with details on solar panel incentives. Together, those resources can help homeowners get the best price for rooftop solar panels and access available incentives.
Adding battery storage to a solar setup is also one of the best ways to protect your home during outages, save money on energy, and go off-grid. You can explore EnergySage for information about home battery storage options, including competitive installation estimates.
Where can I learn more?
These stories look at some of the same issues that come up when solar financing is part of a home sale.
• In Virginia, a homeowner found paid-off solar eased buyer concerns when listing their property.
• Homeowners weighing a sale heard unbiased takes on resale value after adding rooftop panels.
• Former EnergySage president Charlie Hadlow broke down what really drives solar costs for homeowners trying to avoid surprises.
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