Solar Panel Considerations

Published on April 27th, 2015

Why installing solar panels could be a deal breaker when it comes time to sell

Being eco-friendly is all the rage – from hybrid cars to wind energy, we’re all trying to find ways to ‘go green.’ The most popular route that has been suggested is adding solar panels to your home. While this may help you capture a sustainable resource, solar panels may not be the best option in the long-run, especially when the time comes to sell.

Some companies offer homeowners contracts that allow them to lease solar panels allowing them to save hundreds of dollars on their electricity bills right away. The catch when homeowners choose this option, though, is when they want to sell, the leased panels may actually hold people back from buying.

Potential buyers are leery about buying a home with leased solar panels, because they will also have to qualify for credit from the company that’s leasing the solar panels. Another downfall is that solar equipment isn’t guaranteed to amount in big savings – not every buyer is willing to make that gamble.

For homeowners to sell their homes, they may need to buy out the remaining lease which could be up to $15,000. On top of that, in some cases, breaking a lease with these solar companies could result in $22,000!

If you just pay out of pocket for your panels and avoid a lease, potential buyers may still think panels are unattractive and bypass your home altogether. In the end, solar panels should not be the main reason your home would not sell. It’s best to take these things into consideration before making your decision.

Solar panels or not, if you are thinking of purchasing your next home, feel free to contact of a member of our Housing Buzz Team today.

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