It’s not the most expensive investment you can make in your lifetime. You can also make a significant lifestyle change, especially if you move out of state with your family.
Although homeownership may seem daunting, it is a rewarding endeavor that gives you more control over your life. One area of freedom you can explore is energy independence.
Many homeowners want to use renewable energy sources to power their homes. Going Solar is an easy and popular way to achieve this eco-friendly goal.
We’ll show you what to expect when purchasing a house with installed solar panels.
FINDING THE RIGHT HOUSE
You likely have a list of what you need and want if you want to buy a home or even install solar panels. A solar panel system might be one of these.
Homeowners and realtors alike will notice that any listing for a house with a solar system has a solar panel. This is because solar panels can increase homes’ resale values . They are becoming more adept at promoting solar-powered homes and the benefits thereof.
You won’t have problems finding homes with solar panels if you search or spot ads. Make sure to include this feature in your search query.
You might also be wondering what questions you should ask before purchasing a house with solar panel roofs. These are the things you should consider before purchasing a house with solar panels that are fully owned.
FINANCING SOLAR PANELS SYSTEMS OR BUYING A HOUSE WITH SOLAR PANELS
Three main options for financing a residential solar system are loan, lease, and solar purchase power agreement. You should consider which option is best for you, as it can have an impact on the sale of your home.
If you bought your system directly, you can factor this into the asking price. This is similar to home improvements. You’d see an increase in your home’s selling price if you built a deck at the back. Same goes for a renovated kitchen, new roof, or finished basement.
The amount you raise the selling price should be based on how much you save each month on your electric bill and how long the system has been in use. The more time you have had your system, you will save more. This means that you can sell your house for a higher price .
The average homeowner will save between $10,000 to $30,000 over the life of their solar system. This is a great selling point.
LOAN
A loan to finance solar systems allows homeowners to spread the cost over time and take advantage of tax credits. Your total purchase cost will be offset by the federal solar investment credit (ITC ) as well as other local solar rebates and incentives.
If you are selling your home, however, you will need to read the fine print of your loan to find any restrictions.
A home equity loan against your home means you have to pay the entire loan balance before getting rid of the house. Even if you don’t have your house as collateral for an unsecured loan, you will still need to repay the balance. However, you can still sell your home while you do so.
Lenders may allow you to transfer your loan to the homeowner if their credit score is good or meets the lender’s requirements.
Ask your lender about your options. You can also do your research before you sign up for any loan.
Also, think about the future. Do you want to be a homeowner and use solar energy, even though your home is being sold in the near future? What happens if you purchase a house with solar panel? Are you beyond the point of “if?” What happens if a house is built with solar panels?
Remember your long- and short-term goals when you apply for a loan.
These concerns don’t just concern going Solar. These questions apply to all home improvements you make as well as any loans you get to complete them.
You can demand a higher price for your home, regardless of whether you are going solar or making other improvements to your home. This will allow you to repay any loan you take out eventually.
LEASE
You can transfer your lease if you are selling your house and leasing solar panels.
Your buyer must be able to meet the credit requirements for the company leasing your panels. This is not a problem. Credit is good if someone is approved to purchase a home.
The leasing company may charge the transfer fee to the homeowner before the transfer is confirmed. It is common for a lease company to charge a fee for administrative tasks or other legal work.
SOLAR PPA
In that the homeowner does not own the panels, a PPA is like a lease. You are not renting or leasing solar panels that may be installed on your roof. Instead, you purchase the energy they produce.
A PPA is a contract where a homeowner pays the manufacturer of solar panels for the electricity they need to power their home.
What if you are selling your home and have a PPA? SunPower allows homeowners to transfer their PPAs to an eligible homeowner. The transfer is easy.
HOMEOWNERS – HOW TO MAKE THE BEST DECISIONS
You are still undecided and may ask, “Should a house have solar panels?” Or, “What will happen if I purchase a house that has solar panels?”
Further education can be your greatest resource and defense when financing or buying solar panels. To determine if purchasing outright financing with a loan, lease, or a PPA is best for you.
It is worth looking into the pros and cons associated with purchasing a house with solar panel roofs. To learn more, visit our article on the advantages of solar power.
Provide data about your solar system before you take the first steps in selling your house. The mySunPower application is particularly helpful if you have SunPower solar panel. Sunpower’s dealer networks and local realtors are also great resources.
Freedom Solar and SunPower can help you sell or buy a house that has solar panels.