Investing in solar is an exciting prospect, especially knowing you’ll get decades of reliable energy production to power your home into the future. However, some people interested in switching to solar wonder what will happen to their investment should they choose to sell their home. We’ll go over the basics to explain your options and why solar is still a smart way to go.
Your Solar Payment Method
The first thing to consider is the way you’ve paid for your system. Many homeowners opt for a solar photovoltaic (PV) system paid for via a solar loan in order to outright own the system and get the 30% federal tax credit while spreading the cost out over time. If you want to sell your home before the loan term is up, you have two options:
- Secured loan: If you used a home equity loan, you must pay off the balance before selling because you used your property as loan collateral.
- Unsecured loan: If you took out a loan not connected to your property, you’ll still be responsible for paying down the loan — but you will be able to sell the home in the meantime.
If you leased your solar energy system, you can either buy out the remaining amount of the lease, or arrange to transfer the lease to the buyer.
Can I Take My Panels With Me?
In most cases, it’s simply not practical to take your solar panel system with you when you move. For one thing, removing the panels is costly, and the requirements for installation mean the roof would require some repairs or alterations to adjust to the lack of panels. Additionally, removing solar panels is quite literally removing value from your home, so you’d be paying extra just to command less leverage in a market where solar energy is a hot commodity. It almost always makes more sense to leave your panels in place and either choose a new home with solar already in place or take advantage of national and local incentives by installing solar in your new residence.
Simplify Your Move to Solar
Whether you’re looking into solar PV systems for the first time or want to sell your home with an already-installed system, rest assured that your solar panels are adding significant value and appeal to your home — which, in addition to monthly savings on electricity, means your investment still pays off when you sell.
If you’d like to know more about moving and solar panels, call Simply Solar at (707) 285-7037 or contact us online for prompt answers to your critical questions.
