Buying or Selling a Home with Solar PanelsJune 18, 2018
Over 1.3 million homes in America have solar panels. This number is not surprising as installation costs have greatly decreased and the value of solar power has increased. Solar is the wave of the future. With the number of homeowners installing solar energy systems increasing in order to save money and help protect the environment, many are asking what the impact is when it comes time to sell or buy a home that has a solar energy system. Here are some things to consider.
- Selling a Home with Solar – The good news for sellers is that homes that have solar panels are valued highly in the real estate market these days. According to a study by the National Renewable Energy Lab, homes with solar panels installed sold more quickly and at higher prices than homes without solar panels. Research published in the New York Times and sponsored by the Department of Energy shows that buyers are willing to pay more for homes with rooftop solar panels. This finding may strengthen the case for factoring the value of sustainable features into home appraisals. Researchers found that buyers were willing to pay a premium of $15,000 for a home with the average-size solar photovoltaic system (3.6 kilowatts, or 3,600 watts), compared to a similar home without one.
- Buying a Home with Solar – Buying a home with solar panels already installed allows you to reap the benefits of solar energy without having to deal with the installation. However, ask whether the solar system has been purchased outright or is being leased. This may make a difference in your payments. If the seller bought the panels outright then you will own them upon signing the mortgage. If the seller leased then you will need to look into rolling the lease payments into the mortgage or continue the payments. Either way, you will still benefit from the savings in your utility bill. Before purchasing a home with solar panels, ask the homeowner or realtor about the ownership/leasing, manufacturer, how it can be serviced, and what the warranty involves.
If you are buying or selling your home that has solar panels and still have questions, call SunPower by BlueSel at 781-281-8130 or visit our website to find out more.