3 Things to Ask When Selling a Home W/Solar Panels
Solar panels are popping up everywhere! But what does it mean for homeowners that have solar panels installed when it comes time to sell their home?
It means that you need to know a little about your solar equipment and contracts, if any, prior to putting your home up for sale. Here are 3 critical questions you need to answer before you list your home:
Do you own or lease your solar equipment?
Some homeowners buy the solar panels and equipment outright, others lease them. If they are owned outright, then you need to confirm that you can leave them and include them in the price of the home. Make sure there will be no further obligation for you or the buyer.
If they are leased, then you need to find out if the buyer is allowed to assume the lease and begin making the payments. You want to review your lease to ensure you know what options you have, if any, to terminate the lease. You will also need to determine if the buyer is interested in picking up the payments and taking over the lease prior to accepting an offer.
Do you plan on taking the equipment?
Some homeowners have the ability and want to take their solar panels and equipment to install at their new home. Some solar companies have an option where if you are financing your solar equipment, the solar company will move it to a new home for a nominal fee. Just like any other included/excluded item, you need to disclose to your agent that it is excluded if you are planning on taking it with you..
Do you have a lien on your home for the equipment?
Even if you “own” the solar equipment and/or if you have financed it, the solar company may have put a lien on your home. As you can imagine, this can become a problem at closing. Can you pay off the lien? Are those funds coming out of the proceeds and is there enough to pay it off? These are all questions you need to be able to answer before you list your home for sale.
Solar technology keeps evolving and is likely to become more and more common. Make sure you are prepared to answer these basic questions prior to placing your home on the market to avoid any potential issues at closing.
-Revised from an article provided by the Utah Central Association of Realtors
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