Buying or Selling a Home with Solar Panels

June 18, 2018

Over 1.3 million homes in America have solar panels. This number is not surprising, as installation costs have greatly decreased when it comes to solar panels for your home. The importance of harnessing this power has become extremely popular, and in 2019, homeowners are seeing the increase of value in solar panels. 

Solar is the wave of the future. The number of homeowners installing solar energy systems in order to save money and help protect the environment is impressive. Many homeowners are still wondering what the impact is when it comes time to sell or buy a home that has a solar energy system.

If this is a thought on your mind before installing solar panels for your home, Here are some things to consider:

Selling A Home With A Solar Energy System

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 the home solar panels, then you will need to look into rolling the lease payments into the mortgage or continue the payments yourself. Either way, you will still benefit from saving on your utility bill with solar energy. 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 solar panel warranty involves.

If you are buying or selling your home that has solar panels and you still have questions, call SunPower by BlueSel at 781-281-8130 or visit our website to find out more.