Thinking about selling your home later down the road? You may have reservations about installing solar panels. What if your real estate agent reduces the cost of your home because solar panels don’t look nice on the outside? If you are letting this doubt hold you back from harnessing the power of solar energy, keep reading!
The Advantages of Selling a Home with Solar Panels
There are numerous benefits of having a home powered by solar energy. In southern California, the market demand for solar energy is very high.
Increased Property Value
Homes equipped with solar panels often have a higher resale value compared to their non-solar counterparts. According to Zillow research, homes with solar panels sell for 4.1% more.
Lower Energy Costs
One of the most significant advantages of selling a home with solar panels is the potential for reduced energy costs. Who wouldn’t want to save money on their electricity bills?
Attracting Eco-Conscious Buyers
As sustainability becomes an increasingly important consideration for homeowners, solar panels are a key feature that can attract eco-conscious buyers to your doorsteps.
Considerations When Selling a Home with Solar Panels
So, how would one approach the task of selling a home with a solar system?
Understanding the Solar Panel System
Before listing your home, you would need to provide the specifics of your solar panel system: the type of panels, their size, and performance. There are two major types of panels that we covered in a previous blog. Also, feel free to review our blog about the different types of cells used in solar panels: silicon and thin film.
Last but not least, when listing your home don’t forget to mention how the solar panels contribute to the reductions in your energy bills!
Transfer of Ownership
When selling a home with solar panels, you would need to address the question of ownership. If you opt for a lease or power purchase agreement (PPA) to upgrade your home with solar panels, you should keep in mind that your buyer must be both willing and able to take over the payments. Also, the solar and leasing companies would need to approve the assumption of the lease or a power purchase agreement (PPA). If you have a solar loan, you would need to confirm with your bank if the loan can be assumed.
Alternatively, you always have the option of paying off the loan or lease.
Inspecting Solar Panels
Once all the financial matters are settled and you have a potential buyer, you shouldn’t forget to have solar panel experts perform an inspection and maintenance if necessary. You want your solar panels to be in top-notch condition before the sale.
A Word on Removing Solar Panels
You may be tempted to remove the solar panels that you own from your roof and take them with you to your new home. We would recommend against it. Not only would the removal decrease the value of your home, but the process also comes with a risk of roof damage.
So, don’t let your plans of selling your home in the future hold you back from getting solar panels. North Valley LLC is ready to upgrade your property so that it sells like hotcakes. Contact us today!