Have you installed a solar panel on the roof of your house?
If your answer to this question is ‘Yes’, then you are probably thinking whether it would be possible for you to sell your home.
Luckily, when it comes to selling a house with solar panels, the process is not that difficult. All you need to do is completely understand what the buyer is looking for and prepare yourself for any possible challenges.
In the majority of the cases, having a solar energy system installed in the house ends up increasing its overall market value while attracting more buyers.
In this piece, we have addressed a few important points to help you understand it is not hard to sell your house, especially if it has solar panels installed.
Do Solar Panels Act as a Selling Point of Your House?
For almost every homeowner, solar energy systems are definitely a selling point.
Solar panels require minimal maintenance, and these systems have the potential to reduce or ultimately eliminate your energy bills. They also help you raise the market value of your house and enable you to take full advantage of credits and other tax rebates.
Studies have also suggested that a house with solar energy panels can be sold 20% faster, which is 17% more as compared to homes without this system.
Is It Difficult to Sell a House With Owned Solar Energy Panels?
If you have installed solar panels in your house and if you own them, then selling your home is very easy.
Since you own your solar energy panels, the entire sales process becomes quite straightforward and you are likely to receive more for the house. This is largely because potential homebuyers prefer paying for an owned solar energy system as compared to the leased ones.
Research suggests that a house with a standard-sized solar energy system that has a power rating of 3.6kW can be sold for nearly $15,000 as compared to homes that either have a smaller solar panel or no system at all.
Is It Difficult to Sell a House With Leased Solar Energy Panels?
If you have installed solar panels on lease through any of the local solar companies, then it could be a tad bit difficult for you to sell the house.
Apart from the fact that the majority of homebuyers have no idea about the entire process of transferring the solar panel lease, as a homeowner, you might have to cancel the contract provided no one is ready to take over.
However, studies suggest that the installation of solar panels on a lease will not have a negative impact on the market value of your house.
As a matter of fact, nearly 77% of leased solar panels are successfully taken over by potential homebuyers and just about 20% of them have not been able to transfer their solar panel lease.
Potential Challenges While Selling Homes with Solar Energy Panels
Although it is possible for your solar energy panels to be an added asset of your house, you may face a couple of challenges when selling the house. Here is what you need to be aware of:
- You May Have to Pay Off the Lease Amount
If you feel that the potential homebuyer may be nervous about taking over the solar panel contract, then it is best for you to buy out of it before selling the house. This will not just lower the buyer’s liability but also enable you to easily transfer the solar panels.
- Your Homebuyer May Have to Fulfill Certain Credit Needs
If you have decided to transfer the (leased) solar panels to your buyer, then they might have to fulfill certain credit needs laid out by the solar panel company. Although this is not a big deal, it could be an issue for people with a lower credit score.
- You Need to Take Proper Care of Your Solar Energy Panels
If you think your solar energy panels require maintenance, then make sure you do that well before selling your house. This will help you make the house and panels both accessible and attractive to the potential buyers.
If you have finally made the decision to sell your house with solar energy panels, then you will be pleased to know that the entire sales process is quite easy.
Moreover, along with the fact that you can easily look for homebuyers who are willing to purchase the system, a solar energy panel will also help you increase your home’s overall market value.
If you want to find out more about solar panels and how to sell your house, then it is best for you to seek assistance from a professional solar panel company.
With years of experience and expertise in the industry, you can fearlessly count on them for professional commitment, ethical solutions, environmental stewardship, community sponsorship, and quality work. A professional solar company can also guide you on purchasing the right solar panel for your house.