What To Know About Buying a Home With Solar PanelsFebruary 3, 2023
Home buyers often have a wish list of things they desire in a home. From an updated kitchen to an ensuite bathroom for their primary bedroom to a large yard for the kids, the list can be long and detailed for some.
When finding a home that ‘hits the mark’ and has all the desired features, where do solar panels fall in the hunt for a first home or a dream home? We are the first to admit that not all homebuyers include solar panels as a top “must-have” for their future home, but what should you know when buying a home with solar panels already installed on a roof?
Benefits of Buying a Home With Solar Panels
Buying a house with solar panels can be incredibly beneficial if you want to live an eco-friendly life, lower your energy bills, and increase the value of your home for the long term.
Let’s take a closer look at the advantages buying a home with solar may have for you and your family.
Lowered Energy Bills
Solar panels have the ability to slash your electric bills remarkably. Our November 2022 blog discussed “How Does Solar Energy Lower My Home’s Energy Costs?” We reported that “efficient panels and an adequate system are able to produce enough energy for the average home to save between $10,000 and $30,000 in electric costs over the system’s lifetime.
Greater Energy Independence
For homes that combine solar energy panels as well as our solar storage solutions, worrying about brownouts or storms that knock out power will be a thing of the past.
Wouldn’t it be great to buy a home that allows you to be more independent from the grid and allow you to have peace of mind should storms or other incidences cut power to your home?
Increase Property Value
New bathrooms and kitchens are known to increase the value of your home, but guess what? So do solar panels! According to Zillow, “Homes with solar systems sold for 4.1% more on average than comparable homes without solar power in 2019.”
Things To Inquire About
There are a few things that you will want to ask the homeowners or the listing agent about prior to putting in an offer on a home with solar panels.
- Are the panels owned outright or are they under a lease? How much of the lease is owed and is the lease transferable? There is also the chance there the
system is under a loan, and buying the house may require transfer of that loan or perhaps paying off the loan balance even if rolled into the subsequent new mortgage. Ask specific questions about how the system was purchased to understand how you will be taking over that payment.
- How have the panels been maintained? Ask for maintenance records or performance records from previous owners.
- Who installed the panels and what type of warranty are they under? BlueSel offers a Best-in-Class warranty of 25+ years!
So further questions about solar panels and your new home talk to our team of experts.