What To Know When Selling A House With Solar Panels

You went to the extra effort to install solar panels into your home and now you’re thinking about selling. But what about those solar panels? Will potential buyers see them as an asset or unattractive and a potential nuisance? Will they make your house tougher to sell? You might be pleasantly surprised to learn that having solar panels on your home can actually boost the value of your home making it more appealing to buyers. According to the National Renewable Energy Laboratory, homes with solar energy systems sell 20% faster than those without. Afterall, they don’t require much maintenance, they lower or even eliminate utility bills, and the homeowner can take advantage of “money saving” tax rebates and credits. So, while selling a home with solar panels isn’t necessarily more difficult, there are some potential challenges. Here’s to shedding some light on a few things you should know:

Owned Solar Panels

If you own your solar panels outright you’ll undoubtedly have an easier time selling your home than if you are currently leasing the panels. And, you’ll likely get more money from the sale! Potential home buyers are usually willing to pay more for owned systems and appreciate the straightforward and less complicated sales process. If the solar panels are fully paid off, they are treated the same as any other fixture in a home contract.

Leased Solar Panel

If you’ve leased a solar system from a solar installer, selling your home could be a bit more difficult. The home buyers will have to consider taking over the lease which could scare some folks away. If you are fortunate enough to find a buyer willing to take over the lease, you’ll want to get it transferred into their name asap. Make sure any routine maintenance on the panels is complete before transferring the lease. If you can’t find a buyer willing to take over the lease, you can possibly buy yourself out of the contract. On a positive note, having leased solar panels on your home should not have a negative impact on your home’s value. 

Financed Solar Panels

If the panels were financed, the solar panel company has most likely placed a lien on the property. Texas Real Estate Commission (TREC) requires that all existing liens be satisfied by the seller at closing or transferred to the buyer. Sellers and listing agents need to calculate the cost of satisfying the lien, however it is decided, so that all parties involved are on the same page. Additionally, the solar panel company might also have its own requirements that must be satisfied when the home and panels are sold.