Here are 5 questions you want to explore BEFORE you decide to have solar panels put on your roof:
1. How much will you save in your monthly electric bill over, say 5 years by installing solar? Consider this total vs. the typical 20 yr loan offered for purchase of a system.
2. Will the remaining balance on your solar purchase/lease be transferable when you go to sell your home?
3. IF it is, will it be a ‘seller’s market’ (more buyers than homes for sale)? Or, will it be a ‘buyer’s market’ (plenty of homes to choose from vs. the fewer number of buyers)?
4. Considering the speed of technological advancements, when you go to sell your home in the future, will your solar system be antiquated?
5. Who is responsible for the integrity of the roof where the solar panels are installed? For how long?
This year I have had to inform more than one home owner that their solar system loan/lease balance will have to be paid for by them. Buyers seem to consider the value of a solar system equal to about 2 years worth of electric bill savings. In my last 2 listings with solar panels, the sellers had to pay their remaining solar loan balance of $18,000 and $22,000 respectfully.
Do you know of a happier solar-seller situation? Please share it.