Buying a home with solar panels can be a worthwhile investment that can score you long-term low electrical bills, but it is vital to know what you're getting into before signing on the dotted line.
One homebuyer recently ran into trouble after discovering the property they were considering came with a solar lease that still had 20 years remaining. The original poster explained the situation in the r/solar subreddit.
"We want to buy a house in SoCal which requires taking over a solar lease," the OP explained. "[The sellers] are unwilling to pay it off."
While leased solar panels can still offer savings, homeowners usually get the most financial benefit from owning their system outright, which helps explain the buyer's hesitation. The OP's situation highlights how quickly things can get complicated when making the solar upgrade.
If you're curious about which solar setup is best for your situation and how much you could save on your annual bills, connect with the experts at EnergySage. By using its free tools, homeowners can even save up to $10,000 on the cost of installing panels.
"I know owned solar is much preferable vs. leased solar, but is a lease takeover really worth killing a deal on an otherwise desirable, well-priced property if the lease terms are not terrible?" the OP asked.
Luckily, a few commenters added helpful advice for the homebuyer to get a little more clarity.
"Ask for the original contract they signed and a year's worth of electricity bills," one wrote.
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Others noted that without full details of the contract, it might be worth considering walking away from the deal.
"Not sharing the details of the lease with you prior to an offer is a huge red flag," one said.
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Save $1,000 this year 💸 While this buyer may need more information to decide if it's the right deal for them, EnergySage can help take the guesswork out of getting solar by connecting you with trusted installers and tailored quotes. If you're more interested in a solar lease, consider Palmetto's $0-down LightReach subscription program.
With more and more homeowners feeling the pressure of rising energy costs in the United States, solar panels and battery backups can help you secure your energy and save big on utility costs.
In fact, some homeowners who ditch their utility providers in favor of clean solar energy can even see six figures in bill savings over the lifetime of their system, according to EnergySage.
Plus, if you swap out your older appliances with highly efficient upgrades like heat pump HVACs, you can boost your savings even more. By using solar to power your system, you can essentially heat and cool your home for free.
Luckily, EnergySage also offers free resources to help you find the best HVAC system based on your home and budget.
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