Solar panels have become quite trendy over recent years, and understandably so. Everyone loves the idea of saving money and conserving energy. But as a potential buyer of a home with solar panels, you need to know what you’re getting into, especially if solar power living is unfamiliar territory. After all, buying a solar-powered home can offer many benefits under the right circumstances.
In this article, we go over the top 5 questions and considerations you’ll want to take into account before you decide whether or not buying a home with solar panels is right for you.
Let’s get started –
1. Are the home’s solar panels owned or leased?
The home solar panel industry has evolved to offer more than just purchasing options.
A large percentage of homeowners are leasing the equipment from solar companies rather than purchasing it outright. But what does this mean for you as a potential buyer?
If the seller owns the solar panels and they are leaving them with the home, they can be a great perk. However, if the panels are leased, you then need to inquire about the terms of the lease, making sure you fully understand the costs and any options to buy out.
2. Who installed them, and is there a warranty?
Another very important question to ask is who installed the solar panels?
If a reputable company with professional installers set up the system, you’ll want to get their information and inquire about warranties, maintenance, etc.
Unfortunately, there are also DIY solar packages you will need to look out for when considering buying a home with solar panels. DIY installations, of course, always run the risk of quality, safety, and insurance-related issues. Either way, it’s always a good idea to have a professional inspection done!
3. What condition is the roof in?
If the home has solar panels installed and the roof does need to be replaced, there are additional costs you will want to consider.
To replace the roof, the solar panels will need to be professionally removed and then reinstalled after the roof replacement is complete. This means you will have to pay for the removal and re-installation costs on top of the costs to replace the roof.
This is where you begin to consider whether or not you want some of the cost responsibilities to stay with the seller through your purchasing agreement.
4. What kind of upkeep should you expect as a homeowner?
Not all solar panel systems are identical. But In general, there is likely to be some basic maintenance involved to ensure the best performance throughout the year. Although solar panel maintenance remains fairly simple, there are a few things you’ll want to consider, for example:
- Would you have to do the maintenance yourself or hire a professional?
- How much will maintenance cost?
- How often will maintenance need to be performed?
The more informed you are, the better!
5. Will you actually be saving money?
The amount of money you can save on a home with solar panels depends on the following:
- Whether or not you own the system outright
- The local utility rates
- How much energy the panels are able to produce throughout the year
- How much the utility company pays you for excess energy returned to the power grid
As a potential buyer, you’ll want to understand these aspects of solar panels to the best of your ability before making your decision.
Looking to Buy a Home? Contact Key Realtors Today!
If you’re ready to begin searching the market for your perfect home, contact Key Realtors at 281-454-4500.
Our highly experienced team is happy to help you find the home of your dreams and ensure you fully understand every step of the process along the way.