Buying a Home with Solar Panels, 5 Buyer TIPS- Aiken, SC

First, Brandi nor myself are experts on solar panels but we want to share what a buyer needs to be asking when thinking about a home with solar panels. We understand the value and commitment of many to conserve Earth’s resources and minimize their carbon footprint.

 

#1 Check if the Solar Panels are financed, leased or owned outright by the seller.

If there the sellers have an outstanding solar loan or lease you need to find out if the seller plans on clearing that loan or buying out of their lease. OR… are they expecting you as the buyer to assume the burden of the loan or lease?

This is key question. Let’s say, as a buyer if you ARE willing to assume the seller’s liability of a solar loan or lease there can be a couple hitches.

1-     It can affect your qualifications for the home mortgage.

2-     Finding a lender to loan on a pending solar loan can be difficult.

3-     Leases are complicated and you need to understand all facets of the lease terms.

Sellers owning the Solar panels free and clear is the easiest and better option as a buyer since it comes with no strings attached.

 

#2 Maintaining Solar Panels

Consider any additional costs associated with upkeep and add that to your monthly budget when considering your savings. Always ask an expert in the field, not a person trying to sell you solar panels.

 

#3 Advantages of buying a home with solar panels

Can save you money on electricity bills, provide cleaner air for your family to breathe, and reduce your carbon footprint

 

#4 Do solar panels affect the resale value?

Having solar panels can increase the value of the property but you really need to compare the financial debt or responsibility you are accepting. Also, each market is different on how they affect value.

If you are in an area that has high rates for electricity or even no utility service, they become invaluable when compared to an area where utility cost is moderate and readily available.

 

#5 Appraiser Opinion on Solar Panel Value

In our area when asking appraisers, we find the value increase to be minimal compared to the actual cost. Appraisers cannot give any value to leased solar panels.

It’s a big decision, we know. We’re here to help!

Brandi Cook and Vikki Crossland

Meybohm Real Estate

 

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