With the influx of solar energy installations over the past 5 years, there are now hundreds of homes being bought and sold with solar power already on them. While we know that solar renewable energy can potentially add thousands of dollars of value to the home, the question of system value, and whether it is functional, is unique to every solar home buying situation. That's why there are a few precautions and steps you should take if you're buying a home with solar on it to make sure you aren't left with a defunct or unpaid system.
If the system is leased, it is highly suggested that you ask to take a look at the leasing contract before agreeing to take on the lease and move buy the house. The best way to review the lease is either with a lawyer, or the cheaper option, with a solar professional who knows what to look for. If you don't like what you see, the selling homeowner may be willing to compensate you for the liability, or payoff the lease before they sell the house, but otherwise, it may not be worth taking on the added expense. If you decide to take on the lease, you should make sure the amount owed on it is taken into account when pricing the home.
After the inspection is done by third-party, you should also have them do an objective and comprehensive valuation of the system. There are many factors that need to be taken into account, including:
After reviewing all these options, the third-party solar company should be able to provide you with an accurate valuation of how much you should pay for the system. You will need to get all the details of every aspect of the system before committing to a number.
Michael is one of the founding partners of Stellar Solar. In 2001, he helped launch The Home Depot’s national solar energy program which is now offering home solar through hundreds of stores in nearly a dozen states. He is a writer and marketing professional with over 30 years’ experience in the fields of energy, market intelligence and leadership training. He currently serves as treasurer and board member of Global Energy Network Institute (GENI), a San Diego-based non-governmental organization that advocates linking renewable energy resources around the world using electricity transmission.
© 2022 Stellar Solar +1 (866)787-6527