In the past few years, solar panels have become a part of a few of my deals. This has added a layer of complication to the transactions. Each time there has been a learning curve for all parties involved. In my estimation, solar panels are not actually real estate. The solar panel negotiations were hurdles that increased frustration on the way to closing. Here are some of my thoughts garnered from these experiences.
Opinions on installing solar panels on your home:
Here is my advice to homeowners based on my opinion after my real estate transactions:
1) Do your homework. There are a number of Solar Panel companies out there. There are a number of programs for homeowners. Use the internet to check their reputations. Be sure the financing suits your needs.
2) Read the fine print. The devil is in the details.
3) Do the math. The purchase & installation is a large outlay. Make sure the numbers make sense.
4) Inspect your roof. You may not need a new roof but be sure it is feasible to install panels on it.
5) Create a file for all the paperwork. Include not only the specs for your installation, add all the contact information for all the companies you deal with.
6) Track your statistics. Keep a close tally of your costs & savings while using the panels.
Selling your home with solar panels:
Solar panels offer some value added when marketing your home to sell. They can also add complexity to the transaction. It is very important that you begin communicating with the solar company well before listing your home. Be sure to understand where to direct your questions. Write down the answers to avoid confusion later. Most importantly, if you have financed the installation, how does ownership get passed on. Some financing programs are transferable, others require full payment before closing.
Buying a home with solar panels:
Be deliberate in your due diligence. Do not rely on any one source for your information. Solar panels are becoming more common. Even so, they are an added twist requiring attention. How ownership of the panels is passed on could affect your financing & closing.
In conclusion, solar panels have become a form of alternative energy in a “Go Green” world. In the world of real estate, they add an extra level of intricacy. My experienced based thoughts are meant to illuminate & educate. Feel free to text or email me if you have any questions. Happy to share my opinions.