Do I Get to Keep the Solar Panels When Buying a Home?
If you spend any length of time on the roads of Southern California it’s easy to see from the wide variety of homes with solar panels out there that many homeowners are converting their homes to solar power
Why? Solar power helps to conserve energy, they make homeowners energy independent and help to save the environment as well.
One common question that many home buyers have right now is if they get to keep the solar panels after they’ve bought a home which already has them installed and the answer to this question is, it depends.
There’s two ways that solar panels exist on a home:
Does The Homeowner Already Own the Solar Panels?
This is by far the best position to deal with because if the homeowner owns the solar panels free and clear, they will be sold with the house and there won’t be any additional lease payment for you to pay after purchasing the home.
Is The Homeowner Is Currently Leasing the Solar Panels?
With the affordable leasing options that many companies like Solar City have offered customers in SoCal over the last 5 years it’s not uncommon for a homeowner to be leasing their solar panels.
Like a car payment, this means that the homeowner is making monthly payments on their solar panels and they could be paying a lease of $150 (or more) per month for up to a period of 25 years.
To take over the payments, the new homeowner will have to qualify financially by filling out a lease application form and or escrow paperwork.
Before you officially close you should absolutely make sure that you know everything there is to know legally about the solar panels on the home just so you can have confidence that you’re making a smart investment and there won’t be any surprises after you get into the house.
Contact Fred Sed Realty
Do you have questions about buying a home that already has solar panels installed on it, or are you interested in viewing homes for sale in Southern California? Contact Fred Sed Realty today by calling us at (800) 921-9231 or connect with us online.
