Is It Better To Buy A House That Already Has Solar?
If you are writing out your home-buying wishlist, you may want to add a solar panel system to it. It could save you tremendously on monthly costs while reducing your carbon footprint. Solar Bear of Tampa looks at what buying a house with solar panels involves and what you need to know before the moving truck pulls up.
Unfamiliar with solar panels? As a solar energy newbie, you may not realize the tremendous impact solar energy can have on your home. When solar panels convert sunlight into energy, they generate electricity that can be stored in batteries or sold back to the utility grid through net metering. These systems are increasingly popular in sunny states like Florida, where numerous local and state financial incentives are available. The efficacy of a solar system can vary and depends on several factors like the amount of sunlight received, usage, and type of panels.
Another pressing issue that impacts home buyers is whether the home’s solar panels are leased or purchased. In this case, the seller would need to transfer the lease to the buyer or the buyer would need to purchase the panels from the solar company itself. The latter would end the lease early and allow buyers to choose how and if they wanted to proceed with solar energy. If the seller transfers the solar lease, it helps them eliminate additional costs when selling but could also require further negotiation. The sellers may add a lease transfer fee or choose to extend the closing period until the solar company approves the buyer. In any case, buyers should obtain the original owner’s solar agreement and provide it to the mortgage lender. This will ensure that the agreement is transferable and you won’t be required to pay for future repairs.
Below are a few important questions to ask current homeowners before purchasing a home will solar panels:
- Who installed the system?
- How much electricity can they offset?
- How much have past energy bills cost?
- How long does the warranty cover parts and equipment?
Ultimately, choosing to keep the solar panel system is up to you. If it is already paid for, you can start saving on energy costs immediately. But, if they are leased, you may be able to negotiate that the seller completes the payments or reimburses you for costs. However, if you truly don’t want solar panels installed on the house, it would be best to look for a different housing option.
Before you start packing the moving boxes, schedule a free estimate with Solar Bear of Tampa. With the help of our professional team, we can optimize your return on moving into a house with solar panels. Call us at (727) 741-7442 today!
