Anybody in the market to buy a home will tell you that searching for the right property can be both thrilling and nerve-racking. There are many things to consider, including location, school district, lot size, HOA fees, property taxes, and HOA fees. What if the unicorn of a house you are looking for turns up in your search results? Does it have solar? What if the lease is solar? This can make or break a deal.
As long as the seller and buyer play their part, it doesn’t need to.
If you purchase a home with an existing solar lease, you must take over the lease contract and make the remaining payments. The solar provider that owns the system will conduct a credit check to verify your identity.
A seller has additional action items. They will be required to pay a small processing charge for terminating and refiling the UCC filings. The UCC file permits the owner of the system, the solar company, to notify creditors about assets used as collateral. As part of the Escrow Package, the seller will need to submit additional paperwork, such as documentation of terminated UCC filings, assignments, and, for California residents, a draft extinguishment PUC. The PUC is a document that states that the home has an independently functioning solar system that can produce or sell energy.
The time required to complete these steps can vary, but sellers should give their provider at least 30 days’ notice to ensure that all paperwork is completed. SunPower makes it easy for homeowners to change or transfer their leases using an online form.
You can also consider buying the system outright if you don’t feel like taking over the lease. This would require a large purchase, but the system would be yours, and all energy produced would be yours. Many long-term homeowners prefer this option as it lowers the overall investment and electricity bills.
It is usually impossible to cancel a lease or take the panels down. Every company deals with this differently, so read the contract.
What are the benefits of purchasing a house powered by solar? You’ll save money and generate cleaner electricity the moment you move in. You don’t need to look for a dealer or coordinate your installation because the system has already been activated. Do you want more from your system? SunPower has a nationwide network of dealers available to help you if you’re going to add panels or storage to your SunPower system.