One of the most common concerns for homeowners that are considering a solar panel system is what happens if or when they need to sell the home. Nearly every homeowner will have this concern at one time or another, and it’s entirely valid to wonder if you’ll need to have the system moved to your new home, or simply leave it as-is and include it with the sale of the home. You won’t need to worry about moving it, it can be transferred to the new homeowner, even in many cases where the system hasn’t been fully paid off.
The Advantage Of Selling A Home With A Solar Panel System
Most homeowners are aware of at least some of the many reasons why deciding to add solar power to a home is a smart move, both for the short-term and the long-term benefits, but there are also some advantages to having a solar panel system already installed when it comes time to sell the home. These benefits are most obvious in the value of the home, as well as its ability to attract buyers.
Real estate data giant Zillow examined listing and home sale data from 2018 and 2019 and determined that homes with existing solar power installations sold for significantly more than comparable homes that had no such power option. The homes with solar panels installed sold for an average of 4% more than homes without, which can completely offset the commission charged by a good agent, or give the seller $10,000 or more back in their pocket.
Financed Systems Still Being Paid Off
If you finance your solar system and are still paying it off, there is still a chance that you can sell the system with the home. Many of the financing options that homeowners can get through Barrett Solar’s financing partners can be easily transferred to the new homeowner with minimal hassle.
The loans issued for solar panel installations can often be transferred to the homebuyer, provided they meet the relatively modest credit minimums. Often the credit score needed is around 640, which means that if they qualified for a mortgage, they would almost certainly qualify for the solar financing loan.
In some cases, the loan would simply be transferred to the new homeowner. Other situations may allow the homebuyer to customize a new loan that fits their needs more closely, which can include a different financing term or lower interest, depending on the credit of the buyer.
If You Paid Cash For Your Solar Panel System
For buyers that paid cash for their solar power system, or had it financed and has since paid off the loan, the selling process becomes even easier. These homeowners often simply increase the price of their home commensurate with the equipment that is being sold. It can be added as an aggregate of the cost of the original equipment and labor, or they can add a flat percentage of the total home value.
In extremely rare circumstances, sellers may choose to bring some or all of their equipment with them when they move. This can be taking some or all of the panels, leaving other components installed in the home, or removing all installed components and reverting the home to its pre-installation state.
Barrett Solar Can Be Your Trusted Solar Partner
There are relatively few downsides when considering adding a solar power installation to your home, but countless benefits. Reach out today to get a free quote on a solar panel system for your home, and add to not only your home’s value but also its ability to attract buyers.