Buying a house is not an easy undertaking.
You have to think about your finances, the square footage, the amenities, the number of rooms and bathrooms, etc. Suppose you are buying and moving into a home with existing solar. In that case, you will have to think about a lot more things – things like residential solar panels, off-grid solar systems, solar maintenance, warranties, etc.
Even though all of this sounds too complicated, let us assure you it is not! Going solar can be very beneficial for the planet and your wallet. So, do not run away from it. All you have to do is talk to the owners about their solar system and preferably do some research on your own. Moreover, we are also here to help you out. We prepared some things you need to know when buying a home with existing solar.
Advantages of Moving Into a Home with Existing Solar
Let us tell you that there are many benefits of relocating into a home with existing solar. For instance, some of those benefits are lower electricity bills! Of course, you will not eliminate your entire electricity bill, but the amount of money you will have to pay will be significantly lower. Moreover, not only will you save a lot of money with solar panels, but you will also increase the equity of your home (if you decide to sell in the future). Your home value can grow anywhere from 4% to 10%.
However, since you are moving into a home with existing solar, your primary concern is probably maintenance. Nobody wants to jump into something completely unknown. Well, fear not! Taking care of solar panels is relatively easy, and in most cases, the solar panel company near will do all the work. Another good thing is that those same solar panels that you buy together with the house have an extremely high lifespan – so there is no need to worry about replacing them in the near future either!
Disadvantages of Moving Into a Home with Existing Solar
Everything that has advantages must have disadvantages as well. That is how things are. So, purchasing a home with existing solar can have some drawbacks. For example, if you need (or want) to replace the roofing, you will also have to hire people to remove, store, bring back, and put to work again all the solar panels on your roof. This job will require a lot of time and money, so be careful. Secondly, if you plan on moving into a place where there are plenty of critters, such as rats or squirrels, be prepared to have all the wires chewed from time to time.
Again, talk to the owners of the home you plan on buying and have them explain all the problems they have been encountering with their solar panels. Think through whether you can handle those problems before you buy a house and start looking for the movers to get you there. While it’s important to find the right kind of service to help you move in, it is critical to ensure you want to live in that home.
Who Pays for Existing Solar Panels Now?
Just because solar panels are on a particular house doesn’t mean that the owner of that house is also the owner of those solar panels. We know this was a bit confusing, but let us explain. Namely, there are three possibilities for how the owner got the solar panels:
- The owner paid for them – In this case, you will have no further financial obligations.
- The owner used the so-called Power Purchase Agreement or the PPA – In this case, solar panels are owned by the solar panel company, and the owner of the house is just renting them out. Here, you will have to continue paying your monthly fee for using solar panels.
- The owner used the so-called PACE financing – In this case, the owner got a loan for buying solar panels and will pay it off with an assessment on property taxes. Here too, you are the one who has to continue paying the monthly fee.
So, hopefully, this answered the question of who will pay for existing solar panels now. Ask the owner this question and get all the information beforehand. Knowing how much money you will have to spare each month on going solar is another very important thing to check when buying a house with solar panels.
Be Sure to Gather the Paperwork
Just as previously mentioned, do not rush with your home purchase and do not rush with finding a moving company. Take your time when browsing verifiedmovers.com. And be sure you have clarified the ownership and monthly fees and you are comfortable with everything you have found out. Then, start gathering all the needed paperwork. For example, you will need to get the sale contract, the interconnection agreement, and the last year’s annual electric bill from the owner. If you do not have these documents, or at least their copies, you might experience many ‘solar’ problems later (when you decide to sell the house, for example).
Have the Solar Equipment Thoroughly Checked
Lastly, before moving into a home with existing solar, thoroughly check the solar equipment. You can ask the owner to give you the receipt and the warranty of the solar panels, modules, inverters, batteries, etc. Or, you can hire professionals and have them do all the checking. Our advice is to look for the best solar power company nearby and hire them. But, of course, you can also hire a ‘freelance’ solar repairman. It is all up to you (and your budget)! The important part is to check everything.