For many, solar panel systems have become synonymous with green living, and if house buyers are energy conscious, you’ve hit the jackpot when selling a home with solar panels. Even if a prospective buyer isn’t clued up about sustainable living, they’ll undoubtedly know that being more energy conscious saves money. This alone could be a motivating factor when someone is looking to purchase a house.
Buying a home with solar panels already installed comes with significant financial benefits, and buyers know this. However, some other challenges which cause doubts may arise.
Tips for Selling a Home with Solar Panels
When pitching a home with solar panels installed, there’s a lot you can do to help make the sale successful.
Know How the Solar Panels are Financed: Before pitching a renewable energy home with solar panels for sale, you need to be upfront about how the solar panel system is financed. You may have chosen to lease solar panels or have a Purchase Power Agreement in place instead of buying it or funding it with a loan. Explaining to potential buyers how the solar panels are financed is vital in moving forward with the sale. Learn more about buying a home with leased solar panels here.
Offer a Rooftop Inspection: Having a rooftop inspection done and presenting the outcome to potential buyers can increase the chances of selling your house. When solar panels are installed, damage is sometimes done to roofs, and buyers will appreciate knowing whether this is the case with the house you’re trying to sell.
Mention Savings: Review your utility bills and mention to potential buyers the savings they will reap when purchasing a house with solar panels.
Gain Knowledge: Potential buyers might have many questions about the solar panels installed. Knowing how to answer these will increase your chances of closing the deal. You should know who manufactured and installed the solar system, who to contact in the event of issues, and the warranty terms on both the solar panels, inverters, and batteries.
Have Documentation in Order: One of the most important parts of selling a house with solar panels is having the information and documents of the solar panels in order and at hand. As the seller, you should make sure all the needed paperwork is available.
Mention the Environmental Benefits: It’s worth a shot mentioning how great the use of solar power is for the environment.
Explain the Maintenance: Solar panels don’t require constant maintenance, and informing buyers of this can be a good selling point. Many may not know that solar panels are hassle-free and easy to maintain. All they really need is a scrub and clean every two or three months to keep them clear.
Working with a Sales Agent
If you don’t want to sell your house privately, you can work with an agent who has experience selling a home with solar panels. They’ll know how to address your solar system in the MLS remarks, ensure that all disclosures are made about the lease, and release you of any liabilities towards the solar panels after the sale has been finalized.
They also have experience in talking to buyers to promote solar energy and the idea of renewable energy for home. All you’ll need to do is provide a copy of the necessary paperwork and sit back to watch the agent do their magic.
What to Do if Your Solar Panels Are Leased
Since buying a house with leased solar panels is not the preferred choice for hopeful homeowners, it’s crucial that you, as the seller, make the lease transfer as smooth as possible.
A lease transfer will take place if you can’t afford to pay off your solar lease. While this may seem like an easy route to follow, it can create some complications. Potential buyers will have to meet the minimum credit standards of the solar company which you lease from. Buyers may also back off from a sale once the transfer of a lease is involved. They may not want to put the extra weight of covering a monthly expense on their shoulders.
Alternatively, you can choose to buy out the remainder of your solar power lease if you’re in the financial position to do this. It’s the simplest way to guarantee a hassle-free sale. Buyers might feel more at ease if they know the solar panels are included in the purchase price.
What to Do if Your Solar Panels are Financed with a Loan
If you have a loan taken out against your installed solar panels, the sale process will be straightforward. Upon selling the house, you’ll have to pay the remaining loan balance and to do this, you can factor the loan balance into your listing price.
Questions That Buyers Ask When Buying a House with Solar Panels
Being prepared to answer the questions that potential buyers will ask when viewing a house for sale with solar panels will increase your chances of closing the deal. Below, we list some questions that buyers frequently ask when a home they’re viewing has solar panels already installed.
- Is the solar energy system owned or financed through a lease or loan?
- Who manufactured and installed the solar system, inverters and batteries?
- Under what warranty terms do the solar system, inverters, and batteries fall, and who should be contacted if any issues arise?
- How big is the solar system installed?
- Is net metering available?
Compiling detailed answers to the above questions will help put potential buyers at ease and increase your chances of selling your home.
When you’re selling a house with solar panels installed, you’re faced with unique challenges. Depending on where you live and how the solar panels are financed, difficulties might arise in attracting interested buyers. Promoting your house correctly and having all documentation in place is a great way to increase your chances of convincing a buyer to invest in your property.
While it’s essential to think about how installing solar panels can influence the process if you decide to sell your house, you shouldn’t let the possible challenges prevent you from installing a solar energy system. With solar energy ranking as one of the best environmentally friendly energy sources for home use, we’ll soon see a demand in the market for individuals selling a home with solar panels.