Solar Panels seem to be everywhere these days, along with solar salespeople...at least here in Utah! You may have noticed neighbors who don't drive Prius' and otherwise don't fit the 'green' stereotype now have panels beaming off their roofs. Have you considered installing solar panels on your home? If so, like me, you may have also wondered what impact it might have on resell when the time comes, whether solar is worth the investment, and even wondered where to start. So I set out to get some answers on what buyers and sellers might need to know.
Questions for a prospective solar contractor?
- What homes has your company installed on in my area? Get the addresses, drive-by, and even ask if you can call these past clients, you might thank yourself later.
- Will I be leasing my panels or purchasing them? What payment options are available?
- What kind of warranty will my panels have?
- How long have you been in business, ensure the company is licensed and insured. It seems there are new companies every day, make sure you're comfortable the company will be around throughout the life of the warranty.
What if I want to sell in the future?
Solar panels are becoming more and more common, many of us wonder if we are going to recoup our investment if and when we decide to sell. While it is a tricky question to answer, solar is becoming more commonplace, and the answers are coming. After combing through the information out there, the majority of the studies I found indicated buyers may be more inclined to offer on a home with solar panels vs. a home with none. Still, they may not be willing to pay substantially more.
Electricity rates and other marketplace factors will impact the extent of the overall benefit of solar on your home. Still, there is enough research out there to give it a thought, and add a check in the "proceed box"....while, of course, balancing all of your other life decisions in the mix.
What if I lease my panels?
When preparing to sell, it is a great idea to get ahead of the game and call the company you lease your panels from to find out their procedure. Explain you are looking to sell and know before you even put your home on the market if you can transfer the lease to a new homeowner, buy out the contract, or what other options you have. Typically the lease can be assumed by a new buyer, but keep in mind, not every buyer values solar power in the same way, and the fact that they will have to assume a lease may be undesirable.
Ask questions when interviewing prospective Realtors and find out if they are familiar with selling homes with solar panels and what additional training and education they have.
Buying a House with Solar Panels
Much like when shopping for panels on your own home, find out if the panels you see on the house you fell in love with are leased or owned.
If the seller is leasing the panels, you should factor in the lease payment when budgeting for future homeownership expenses. You will likely have to qualify as well, and it is always better to ask ahead of time and find out precisely what you will be dealing with.
If you ever have any questions, you can always reach out to me. I have a degree in Environmental Studies from Utah State University, and I am a GREEN Realtor Designee.
Until the next time.
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