Here you find all the answers to your questions about selling a home with solar panels. Many customers are concerned with the following when buying a solar system:
Selling A Home With Solar Panels – Resale Value
When thinking about selling a home with solar panels, many customers ask about how the solar panel system affects the resale value of the home. Studies have shown that a solar system increases the value of a home. A study by Zillow shows that homes with solar panel systems sell for 4.1% more than other homes. A study by Berkeley shows an average increase of $15,000 to the value of the home when solar system is installed.
It is important to note that these studies apply only to host-owned solar systems. These are systems that were purchased with a solar loan or with cash. Homes with leased solar systems are not part of the research. Leasing a solar system does not raise the value of a home because the homeowner does not own the system. The leasing companies retain ownership of the solar panel system.
Is It Difficult to Sell a Home with Solar Panels?
Selling a home with solar panels in the Phoenix, Arizona market is not difficult. The Phoenix metropolitan area already has many homes with solar systems, and thousands more systems are being installed every day.
In this market, home buyers are very familiar with solar panel technology. Home buyers know that solar energy is less expensive than the utility companies, and that it’s also good for the environment. The vast majority of home buyers are open to solar and are willing to buy a home with solar.
Transferring a Solar Loan or Lease to Buyers
Solar loan and leasing companies make it very easy to transfer the loan or lease into the buyer’s name when selling a home with solar panels. Typical solar loan terms are 20 and 25 years. Many people believe that they will be stuck with this loan for the entire term of the loan, but this is not true.
Homeowners in the Phoenix area only live in their homes three to seven years on average. The solar loans and leases are designed to be easily transferable. The solar loan and leasing companies know most people won’t be in their home for 20 years.
Typically, if a home buyer has credit that qualifies them to buy the home, they will also qualify to take over the solar loan or lease. Sellers rarely pay off their solar loan or lease prior to selling a home with solar panels. In most situations, the home buyer takes over the solar loan or lease and then the seller’s’ name is removed from the solar loan or lease. Sellers and buyers of homes have the option to negotiate a payoff of the solar loan or lease as part of the closing, but that is rare.
Homes Sell Faster With Solar Panels
Homes with solar panel systems typically sell 30 to 40 days faster than homes without solar panels. “Solar” is the second most searched term by home shoppers on Zillow.com in the Phoenix area. Many home buyers are looking for homes with solar because of the energy cost savings and the increase in home value.