Buying or selling a home is a big change for any family. There are several things to consider during the process, which makes the question of what to do with your solar system daunting. But it doesn’t have to feel that way. Realtors and homeowners are also increasingly aware of promoting the value of solar power when it comes to home sales and purchases. But even without that expertise, the ins and outs of buying and selling homes with solar panels aren’t that complicated.
Besides paying for your solar system in full, here are three main ways to finance a solar home system – loan, lease or APP. How you purchase your system can impact the process of selling your home.
To buy – If you bought your home’s solar system, you should be able to factor that into your asking price, just like you would for other improvements, like a remodeled kitchen or a new roof. How much you can factor in will partly depend on how much money you save each month on your electricity bills and how long you’ve been using your system. An average house saves between $10,000 and $30,000 over the lifetime of the solar system. It’s a great selling point for any home.
Ready – Purchasing a solar system with a loan allows owners to pay over time while taking advantage of tax credits, such as the federal solar investment tax credit (CII) and similar state and local solar incentives.But what if you have to sell this residence? It depends on the loan.
If you have a home equity loan against the house, you will need to pay off the loan balance before you sell. If it’s a youa secured loan that does not use the house as collateral, you can sell – but you will be responsible for repaying the loan. In some cases, lenders will even allow you to transfer the loan to the new owner if their credit meets the lender’s criteria. Since these circumstances vary, it’s always a good idea to ask your lender what options are available to you.
The good news is that tThese are the same options people face when thethere borrow to make any home upgrade. This should help you get a higher price for the house and at repay any loan.
To rent out –EThe person selling the house can assign the lease to the new owner. It is important to note that the the buyer will need meet the leasing company’s credit criteria. Usually that’s not a problem in a house sale. because the to buyr most likely has strong credit.
It is also good to be aware of the possibility that the lease owner can charge a costs to the current owner for the transfer. Make sure you take the time to understand the details of your lease.
APP- Power purchase agreements are similar to leases because the owner does not own the solar system. Instead, they buy the electricityyou Is generated by solar panels on their roof. If you happen to have a PPA with SunPower, you can simply transfer the agreement to the new qualified owner.
Education is an owner’s best defense against any Buyer hesitation. Be ready to provide data about your solar systemin particular information showing how it saves money and reduces pollution. The mySunPower application can be particularly useful. Local real estate agents and SunPower dealer network are equally good resources to use.
In conclusion, SunPower can help you easily buy or sell a solar powered home. For more information on navigating this process, visit our life events resource page.
Does solar energy allow you to disconnect from the grid?
What are the best locations for solar power?