Solar panels on top of a home's roof

Solar can be very beneficial to the home but only if it is clean non-burdensome agreements and saving the purchaser money. Find out the amount of energy credit you get credit for the system going in as it is generated and what the cost is when it comes out for your use at the property coming out of the system and it must make sense.

This is a comment from a lender we have worked with. “Many of our clients are putting themselves in a tough situation by adding solar panels to their home.  When the solar company is providing financing, they are actually adding a 2nd mortgage to your home. What this does for most people (depending on what you owe on your first mortgage), is that it now creates a negative equity position since you may now owe MORE than what your house is worth. Yes, you read that right, you now owe more than what your home is worth.”

We have been trying to get a home sold that has a lease for the solar placed on their home. The new buyer did not want the lease because of the language that is is that lease and most purchasers would not assume the lease containing that language. You have then created a scenario of having to pay the solar off from the solar company in order to sell your home. Many solar companies will not remove the solar at no cost and usually a large penalty. The last 2 solar leases I worked on the company would not terminate the solar from the home. I believe the owner still owns those home a year later. The properties are is in great shape and the solar is the only reason the seller has not sold their home.

If you are going to put solar into your property then buy it outright. Please also get the maintenance agreement for the solar. In some cases that can be out way the usefulness of the solar package. If you are by a golf course plan for that as well the balls will hit the house. At least have them predetermine the exact amount to pay to get them to completely get away from the solar lease in writing. Because that is what will happen and then you are at their mersey. Trust me they do not have anything but big dollars in mind and they do not care if you cannot sell your home.

Solar is very beneficial to the home but only if it clean and saving the purchaser money. The system cost needs to be determined because if it needs to be removed it would be a waste of time and money. What the cost when it is removed needs to be taken into account if that applies. The benefit for you must make sense. You must have a good return to make the investment and to make that commitment so don’t rush into it if you are not sure if is right for you.

What about Solar for your property ?

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