Are you thinking about buying a new house? Have you considered the benefits of purchasing a home that already has solar panels installed? Not only can it be environmentally friendly, but it can also save you money on your energy bills in the long run. In this blog post, we’ll discuss everything you need to know about buying a house with solar panels, and what to look for when house-hunting. So grab a cup of coffee and let’s dive in!
How Much Sunlight Will Your Roof Receive?
Solar panel success requires plenty of solar panel exposure. Be sure to inspect both trees on your property and those around you. Are they growing too tall and casting too much shade on the panels? In some cases, it may be necessary to trim or transplant trees or engage in neighborly negotiations for solutions.
Solar panels are most efficient on south-facing roofs, though they can also be used to generate energy from east or west-facing rooftops if there is enough sunlight.
What About Resale Value?
Solar panels can be seen in much the same light as renovated kitchens or bathrooms: they increase a home’s value. According to Zillow, homes equipped with solar panels are worth 1.4 percent more than similar houses without them.
Photovoltaic value (PV), which measures the energy production value of a solar panel system, is compliant with Uniform Standards of Professional Appraisal Practice and available to both home buyers and sellers alike. Through PV value calculations, buyers and sellers can determine how much solar energy a home generates.
Are You Considering Leasing or Purchasing Solar Panels?
Before buying a house with solar panels, ask whether the panels are owned or leased. Consumer Reports states that leasing is more economical than purchasing them outright.
Although leasing solar panels may save you money upfront, purchasing a home with already leased panels could end up costing more in the long run. Leasing solar panels allow homeowners to lose control over where and how many panels are installed on their roofs; after all, the leasing company’s sole interest is maximizing its profits.
Solar panel leases typically have 20-year terms. If you purchase a home with years left on the lease, then you become its lessee.
What Level of Maintenance Do You Require?
Solar panels are highly efficient and require little upkeep. However, to maximize their longevity you should ensure that you take proper care of your investment; with proper solar panel care, they could last up to 30 years!
To keep your solar panels functioning optimally, you’ll first need to regularly clean them. This should be done at least twice annually: in spring and fall as well as after storms. Regular cleaning ensures that the panels receive enough sunlight for proper functioning.
Every year, a solar professional may be hired to inspect the panels to guarantee they are functioning as intended.
Can You Still Afford Mortgage Financing for a House With Solar Panels?
Purchasing a home that features solar panels may affect your mortgage application. Factors like ownership or lease agreements and how they were funded could have an impact on whether or not you receive financing for these components.
If you are interested in buying a house with solar panels that belong to someone else, be sure to discuss any lease agreements or monthly fees associated with purchasing such a house. If they are being owned by the seller, make sure that they disclose this information before closing on the deal.
What Is the Distinction Between Financing and Solar Loans?
You should investigate if the seller owns the solar panel system but is still paying for either financing or a loan.
If the panels were purchased with a loan, then it is the seller’s responsibility to make payments on them. Therefore, buyers won’t be held liable for making loan payments.
If the solar panels were purchased using Property Assessed Clean Energy financing (PACE), the financing will remain attached to the property because property taxes are used as payment. These payments would then be transferred to the buyer.
What Happens if My Roof Needs Replacement?
Solar panels roofs usually last a long time; however, it is possible that eventually they must be replaced.
When replacing a roof with solar panels, both the solar panels and mounting hardware need to be taken off and reinstalled. Usually, this work is done by the installer of the panels; however, in some cases, the roofing company may also be able to handle it. Solar panel re-installation costs range anywhere from $1,500 to $6,000.
Are Solar Panels Worth It?
The question of whether solar panels are worth it is a common one. The short answer is yes, they can be a smart investment for homeowners who are looking to save money on their energy bills and reduce their carbon footprint.
While the upfront cost of purchasing and installing solar panels can be significant, the long-term benefits can outweigh the initial expense. By generating your own clean energy, you can potentially save hundreds or even thousands of dollars on your electricity bills each year. Plus, you’ll be doing your part to help the environment by reducing your reliance on non-renewable energy sources.
Another advantage of buying a house with solar panels is the potential to increase the value of your home. Many homebuyers are willing to pay a premium for homes with solar panels, as they offer an attractive combination of energy efficiency and environmental responsibility.
However, it’s important to note that solar panels may not be a good fit for every homeowner. Factors such as the location of your home, the amount of sunlight it receives, and the cost of electricity in your area can all affect the financial viability of solar panels.
In summary, while solar panels require an initial investment, they can offer significant long-term savings and environmental benefits. As with any home improvement project, it’s important to do your research and consult with a professional to determine if solar panels are the right choice for your home and lifestyle.
Is Your Home Suitable for Solar Panels? Find Out Now With Our Solar Experts
Are you considering investing in solar panels for your home? ESD Solar is the premier destination. Our team of experienced professionals is passionate about offering top-notch installations and excellent customer service.
With ESD Solar, you can be certain of getting the best value for your investment. Our top-of-the-line equipment and materials guarantee your solar panels are efficient and long-lasting. Plus, our competitive pricing and flexible financing options make solar panel installation accessible to all homeowners. Our team will assess your energy needs, determine the ideal placement and design for your panels, then provide ongoing support and maintenance to keep everything running smoothly.