What Buyers Need to Know About Purchasing a House with Solar Panels

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Buying your dream home is a fun an exciting time in life! Do you have a list of needs and wants for your dream home? Most buyers have specific features in mind regarding the size of the home and amenities that are needed for their family. One factor that should be considered is whether the home has solar panels.

If you want your new home to have a solar power system, then there are a few questions you need to ask before signing on the dotted line to close on the property. It can be beneficial to find a home that is already fitted with solar panels. But, remember that you always have the option to install solar after moving in.

Questions about Existing Solar Panels

Here are a few questions you should ask if the home that you are buying has existing solar panels:

  • Are the panels leased or owned? A lease agreement means that the previous homeowner didn’t own the solar panels. Instead, they are paying a monthly fee for the use of the solar panels. As the new homeowner, you may be responsible for taking over the lease payments.

The solar system may not be large enough to take care of all of your family’s electrical needs, so you may have a lease payment as well as an electric bill from the utility company. Also, some leases have an annual escalator, meaning that the monthly payment will go up in price each year, until the lease agreement is fulfilled.

  • Are the solar panels paid in full? If the solar panels were funded with a loan, then you might have a financing plan that needs to be paid. Most solar loans will have to be paid by the homeowner before the house is sold.
  • Who owns the solar panels? In some cases, the solar panels have been paid in full by the previous homeowner, which means that the ownership of the solar panels is transferred to you with the sale of the home. As a result, you probably won’t need to pay anything for the solar panels after purchasing the home.
  • Which company installed the solar panels? The quality of installation depends on the skills and services offered by the solar installation company. Check on warranty coverage and other details that might affect repairs and maintenance in the future.

Before you buy a home with solar panels, it is wise to talk to an experienced team for more information. If you have questions, then our team is here to help! We have 32 years of solar expertise and will always give you honest answers to your solar questions.  Call us for a no-obligation quote at:  (855) 444-6329 or visit us on-line at www.newdaysolar.com.