Like everything related to real estate, there are certain ways that you can maximize your benefits when selling a house with solar panels. Here are some things to keep in mind.
1. Homes with Solar Sell Faster, and for More Money
Some homeowners get worried that newer technology might make it harder to sell a house with solar panels, but studies have shown that when it comes to selling your house, it pays to have solar!
Multiple studies from Zillow and the Berkeley National Laboratory show that homebuyers are willing to pay a premium for houses that already have solar panels installed-as much as $15,000 more for a home with an average-sized array.
2. Have a Solar Value Report Done Before Your Home is Listed
How much more your home with solar panels sells for can depend not just on whether or not you have solar installed, but where you are located geographically, recent real estate trends, and how well your home is marketed.
You can give yourself (and your realtor) a real leg-up when it comes to properly advertising the value of your solar panels (and your home) by commissioning a solar value report from My Generation Energy. Our qualified solar professionals will create a solar value report that lays out your solar energy systems’ historical energy output and shows potential home buyers just how much they can expect to save on energy costs moving forward.
3. What Happens When Selling a Home with a Solar Loan (or Lease)?
Another important factor to keep in mind when selling a home with solar panels is whether you have a solar loan or solar lease.
If you are leasing your solar panels, you will find yourself at a definite disadvantage compared to homeowners who have taken out a solar loan or own their panels outright. According to a Lawrence Berkeley National Laboratory report, homes with solar leases sold for the same price as those without solar at all. The buyer would need to be willing to take on the remainder of your solar lease. This is just one of the reasons why My Generation Energy encourages homeowners to own their solar panels rather than lease.
If you’ve taken out a solar loan and own your panels, you’re in much better shape-you just need to keep what kind of loan you have in mind. If it’s a home equity loan, you’ll need to pay off the loan balance before you sell. If it’s an unsecured loan (or one that’s not tied to your property), then you can sell your house prior to paying off the loan (you will still need to pay off the remaining balance though).
4. Will Your Current Massachusetts Solar Incentives Transfer to the New Owner?
With so many different solar incentives available for Massachusetts’ homeowners, it’s understandable that you may not be sure which ones can be transferred to a new homeowner, including:
Federal Solar Tax Credit
MassSave’s ConnectedSolutions solar battery program
The answer can vary depending on the incentive and specifics of the solar panel array in question, but our team at My Generation Energy can help you answer these questions so that you can provide your real estate agent as well as home buyers with accurate information to help with the sale.
Have More Questions? Talk to Cape Cod’s Solar Experts
Still not sure of what happens when you sell a home with solar panels? Looking to schedule a solar value report and learn more about the specifics of your solar energy system, or an assessment to find out what state your system is in?
At My Generation Energy, we’re more than just Cape Cod’s most trusted local solar installer. We help solar owners from Sandwich to Provincetown with all aspects of solar ownership, including homeowners who are looking for help selling their home with solar panels.