The typical home buyer is armed with a list of things they want to see for their house; the solar panel is becoming prominent in many of them. A house with solar panels already in place can be an excellent method to benefit from solar energy without going through the installation process alone. However, you must consider some things before signing on those dotted lines.
Potential Financing Scenarios
The primary financial aspect you’ll come across is various degrees of ownership. It is usually best to find a house with panels owned entirely by the vendor. If the seller owns a solar system, the owner has purchased the entire cost of the meetings, and the ownership of the system will be transferred to you at the time of sale. It is vital to be aware that a system owned by the owner can increase the cost of the house by a few thousand pounds or so. Check out the following financing scenarios to understand how they impact your purchase.
For solar panels that are leased as an owner new, you will make monthly payments to the third party who set up the solar system. Be sure to know the lease from beginning to end so you aren’t surprised by any liens or charges to the panel.
PPA: Power Purchase Agreement (PPA): In this arrangement, the buyer, seller, and developer sign an agreement on financial terms that results in the buyer paying for the electricity generated every month.
Financing for solar loans: This arrangement puts the responsibility on the buyer of the home. However, the house’s asking price will cover a large or even all of the solar loan.
If you’re concerned about the simplicity of ownership, you could check out alternatives other than wholly owned panels. But, prospective buyers can get excellent bargains if they’re willing to accept a little more of a challenge regarding ownership.
Asking the Right Questions
There are many other aspects to think about when purchasing homes with solar panels. There are three main aspects to know about your prospective new home.
Find out more about the company that makes solar. What is their track record? What are their services apart from installation? What maintenance contracts or warranties will be transferred to you?
Find out about your energy supply. The array will suffice to provide the energy you require?
Find out about your benefits. These are very localized, and you need to know about incentives such as net metering. This is especially important when you move between states.
If you are looking into a home purchase, a reliable solar energy firm can be a massive help in helping you comprehend the deal you’re getting into.