Want to go solar, but thinking of moving? It’s easier than you think!
1. Should you consider going solar if you plan on moving soon?
Yes! Even if you expect to sell in the near future, solar is a money saving solution for your home. Historically, solar powered homes sell faster, more often and for a higher value on the market then other similar homes. Experts show that houses in the same neighborhoods without solar sell for a lot less than homes that already have solar installed on them. For buyers who are interested in installing solar on their new homes, buying a home that already has solar panels is a huge selling point!
“Get back over 97% of your investment costs in solar between the tax credit, reduced energy bills and increase in home value.”
2. Will installing solar before I move save me money?
This may be surprising, but installing solar on a home you plan to move out of can actually save you money. Still skeptical? Let us explain. It is a two-fold benefit because (in the case of a purchase) while the investment you made in solar began paying itself off the moment your system was turned on, it can pay itself off completely with the amount you receive back in the increased resale value. You’ll get back over 97% of your investment costs in solar between the tax credit, reduced energy bills and increase in home value (Check out Forbes’ article on that!).
3. Can solar increase my home’s resale value?
Absolutely, it can! Millions of homes have already gone solar and it is saving people a great deal of money. Just like an energy efficient refrigerator or washer/dryer unit, solar panels are a commodity and a home improvement for many homeowners; potential buyers agree! And guess what you can do with all your new savings? Remodel that bathroom with the shag carpet! Or buy a years supply of cookie dough ice cream, because we know moving can be rough.
4. How do I transfer the solar contract over to the new homeowner?
If you purchased the system outright, you can simply inform the company who installed it that you are selling the house and include the new homeowners contact information. The new homeowners will now benefit from the savings of your solar system! But let’s say you’re leasing the system on your home; what then? Easy! If you’re selling your home within the warranty lifetime (20-30 years, generally) then you have two basic options: First, you can buy out the remainder of the lease and take the panels with you when you move or sell the panels on the house as part of the property. Second, you can transfer the lease to the new buyer. Don’t be scared away by the thought of transferring a lease! The new buyer simply has to meet the credit requirements that you did when you applied for the lease (and if they have enough credit to be approved for a mortgage, then it should be enough for a solar lease). However, every lease is different and it is important to read through the contract before signing just in case, so that you don’t have any surprises if you decide to move later.