When it comes to energy efficient homes, solar panels are a hot topic of discussion. There are a couple different ways to obtain solar panels, and your choice may affect the sale of your San Diego house. We won’t be covering the differences between monocrystalline or polycrystalline solar panels, but we will be looking at how some solar options may impact you when it’s time to sell.
Buying Versus Leasing Solar Panels for Your San Diego House
That’s right, you can buy or lease solar panels for your San Diego house. When making this decision, look into all your financing options to see what is best for you. According to Energy Sage, “If you buy a solar panel system, you own the system, either outright (if purchasing with cash) or after repaying your solar loan. If you lease the system or sign a power purchase agreement (PPA), a third party owns the solar panel system.”
If you happen to lease the solar panels rather than buy them, you have some options. You can buy out the remainder of your lease and have the panels removed. Be sure to read the fine print before you make this decision as you may incur a fine for early payment of the remainder of the lease. It is also possible to have the lease transferred to the new owner of the San Diego house, granted they meet the requirements for the lease.
How to Sell a House With Solar Panels
While this may seem like an issue to potential buyers, there are plenty of people who are looking for smarter home tech. According to the National Association of Realtors®, “Sixty-one percent of Realtors® reported that consumers are interested in sustainability.” This is good news for those who already own solar panels and are worried that it would might home buyers.
According to a study performed by the Lawrence Berkeley National Laboratory, home buyers were willing to pay more for a property with solar photovoltaic systems. The study spanned 2002 to 2013 and eight states, including California. The study focused on cases where the solar panels were owned by the homeowner.
So what does this all mean for you? While each individual real estate transaction has its own unique factors, solar panels might not pose an issue when it’s time to sell your San Diego house. Consider the costs and how long you intend to stay in your home. If you are planning on staying for only a couple years, then maybe now isn’t the right time. If you plan to stay for longer, but not the duration of the solar panel lease, the solar panels may still be worth it in the long run.
The bottom line is to do your financial research and know that there are homebuyers in the market who want green housing options.
Auker Group
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