Rooftop solar panels are among the most popular features homebuyers look for in a property. For a buyer, a home with solar panels offers more value for money. A seller also has more leverage if they’ve installed rooftop solar panels. Whether you’re buying or selling homes with solar panels, you have some unique factors to consider. Read on and learn more about buying or selling homes with solar panels.
Factors to Consider When Buying Homes with Solar Panels
Buying a home is a stressful process. You already have so much to consider, and the financing process is also complex. Like with any other investment, you want to get the best value for your money. Solar panels add more value to your new home because of the cheaper and more reliable energy. However, all solar panel systems are not equal and you should consider the following before you close the deal:
- Ownership of the Solar Panels
Homeowners finance solar panel systems through different options. Before you buy a home with solar panels, consider if the owner fully owns the system or if the panels are subject to a lease or power purchase agreement (PPA). A fully owned solar panel system is the best option, as the panels are part of the purchase. For a PPA or other loan agreement, the seller has to transfer the PPA or lease agreement. As a buyer, you might also buy out the contract after assessing the details and value of the system.
- Valuation of the Solar Panels
Before you complete the home purchase based on roof solar panels, consult an experienced valuer for an appraisal of the system. The valuation considers the solar system documentation, warranty, age, maintenance, output, efficiency, and size. Through the valuation, you know exactly how much the system adds to your home.
- The Solar Panel Installer
The quality of a solar panel system also depends on the installation. Ask about the installer and check how experienced the contractor is and their expertise. Contact the contractor to find out more about the state of the solar panel system in the home you wish to buy.
- Quality of the Solar Panels
During the valuation, review the solar panel manufacturer and any warranties attached to the system. The best system should have a strong warranty backed by a reliable manufacturer.
- Level of Maintenance
Before you close the deal, consider how well the seller has maintained the solar panel system. Ask for documentation to prove the annual inspection and maintenance of the solar panels.
Factors to Consider When Selling Homes with Solar Panels
Solar panels add value to your home. If you want to sell a home, solar panels make your property more appealing. However, rooftop solar panels also complicate the sale process. Here are some considerations to help your home sale with solar panels:
- Choose the right realtor: When you choose a real estate agent, work with someone who has experience selling properties/homes/houses with solar panels in your area.
- Gather all documentation: Whatever type of solar panel financing option you used, make sure you have all the papers. Buyers want to confirm the state of ownership of the solar panel system before closing the deal.
- Consider paying off the loan: If you used a loan to purchase the solar panels, consider paying off the loan to make the solar panel system more attractive.
- Get a valuation: While solar panels add value to a property, you have to support the claim through numbers. A valuation of your home or the solar panel system by a certified home appraisal expert gives you the proof you need to ask for a higher price.
- Highlight the solar panels in your listing: For a faster sale, highlight the solar panels in your listing. Your agent knows how to do this the best way to make your home more appealing.
Solar panels are one of the smartest investments for any home. With the unpredictable cost of energy, a solar panel system provides homeowners with cheaper, cleaner, and more reliable electricity. Whether you’re selling or buying a home, these tips will help you make an informed decision and get more value from the investment.