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Buying a house is a big step. When that house comes equipped with solar panels, it adds value and sustainability to your purchase. Solar panels offer many advantages, making them a compelling feature for any homebuyer. Here’s how you can make an informed decision about purchasing a home with solar panels.
Why Buy a Home with Solar Panels?
Buying a home with solar panels will lower your electricity bill and carbon footprint, and increase your home’s resiliency and value.
Lower electricity bill:
One of the biggest perks of solar panels is the savings on your electricity costs. Solar energy can cover a significant portion of your home’s energy needs. Depending on your location, sun exposure, and energy usage, you’ll see your electricity costs drop significantly.
Decreased carbon footprint:Solar panels harness the sun’s energy, reducing reliance on fossil fuels. They produce clean, renewable energy, helping the environment by lowering greenhouse gas emissions.
More resilient: With solar panels, you’re less dependent on the national power grid. Solar shields you from future utility rate hikes, allowing you to lock in a stable electricity price for years.
Increased home value: Homes with solar panels often have a higher market value. Studies show that solar-equipped homes can sell for 4.1% more than similar homes without solar. Solar panels are viewed as valuable upgrades, like a new kitchen or a finished basement.
Ideal for EV owners: Solar energy can charge your EV, cutting down on your electricity bills. You can power your car directly from the sun, avoiding rising electricity rates. Plus, it’s a great way to reduce your carbon footprint.
Questions to Ask
Before you buy, there are some important questions to ask.
Who owns the panels?
What if the seller owns the panels?
If the seller owns the solar array, that’s great news! You won’t have any ongoing lease payments, and you’ll have complete control over the system. If you’re considering a home with ReVision-installed panels that are still under warranty, we will waive labor expenses incurred to troubleshoot, repair, or replace any faulty solar products incorporated into your solar installation.
What if the seller leases the panels?
If you’re considering buying a house with leased solar panels, you’ll likely need to take over the lease payments. It’s possible to make your purchase offer contingent upon the seller paying off the lease before closing. Make sure you understand the lease terms and how they impact your budget. The leasing company usually handles maintenance and repairs, so check the service agreement for details. Also, make sure the lease transfer is appropriately documented and approved.
Who installed the panels?
What if the panels were installed by a licensed professional?
If installed by a licensed professional, the installation company can tell you about the system’s age, past maintenance, and purchase terms. If the original installer is out of business, identify the solar panels and inverter manufacturer. Then, contact a certified local installer to see if they know the model and can inspect the system.
What if the panels were self-installed?
If the array was self-installed, check with the seller to see if the system has a manufacturer’s warranty and is still valid. Self-installed systems might have a higher risk of issues, so consider getting a professional inspection.
How old are the panels?
What if the system is nearing the end of its life?
If the solar system is nearing the end of its usable life, you’ll need to consider a few things. Get quotes for replacing the panels and check if the inverter needs an update. Modern panels offer better performance. Plan for the safe removal of the old system. If it’s a home with ReVision-installed panels, our service team ensures they are removed responsibly and not thrown into a landfill. We can help you navigate these steps and find the best solution.
What if the system isn’t nearing the end of its life?
Remember, solar installations last 30 to 35 years. If the solar system isn’t nearing the end of its usable life, that’s a big plus! Estimate how many more years it will work efficiently and review its maintenance history to ensure the system has been well-cared for. Ask to see a few months of electric bills and check the system’s energy output to verify it will meet your needs.
What about warranties?
There are generally two kinds of warranties for solar installations: workmanship and manufacturer. Workmanship refers to the physical installation and wiring of the system. Manufacturer warranties cover equipment in case of product failure during the warranty period. Warranties can be transferred with the sale of a property, so discuss the status and transfer of the warranties with the seller.
Check with the installation company to see who covers the workmanship and manufacturer warranties. At ReVision, we cover our workmanship warranty with our 24/7 in-house service department. Many solar installers use third-party companies to cover their warranty offerings. Sometimes these warranties come with fine print that might not justify the extra cost. Why pay upfront for something that isn’t broken?
Lastly, remember that any modifications or alterations to the solar panels or system by unauthorized personnel may void the warranty. Always consult with the manufacturer or installer before making any changes.
The Bottom Line
Buying a home with solar panels offers many benefits, from lower bills to helping the environment. Do your research, ask the right questions, and make an informed decision.
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