If you're looking to buy or sell a home with solar panels, here's what you need to know.
Rosie Romero Special to the Arizona Daily Star Question: Does a solar system add value to a property?“Some consider it debatable whether a solar array increases a home’s value and salability. Yet it’s not so much that it will add value to your home — the question is how much value. The research by both Redfin and Zillow shows increased property value with solar installed,” said Randy Cole, president of Fox Valley Electric & Solar, a Rosie-Certified Partner.
1. Who owns the solar panels? Are they leased? Did the homeowner buy them outright? Are they still being financed? In a lease, a third party owns the solar equipment with leased solar panels or a signed power purchase agreement. Leased solar panels are common and a nightmare for realtors. If it isn’t clear in the MLS listing that the solar panels are leased, a buyer may assume they’re included with the sale. The buyer’s agent must clearly communicate with the seller’s agent about the status of the solar panels. Are they paid off or still under a lease? The listing must be clear.
Once in the home, the new owners may be disappointed that the system doesn’t provide the output the previous owner claimed it did. Assuming the seller was honest about their usage, the buyer needs to realize that the array wasn’t designed for them.
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