So, you want to sell your home and it has a solar panel system. We have good news for you, there are options available when it comes to selling your home that has a solar panel system attached to it. However, an important thing to remember is this: You shouldn’t take them with you! An important reason why we tell our customers not to take your solar panels with you is that it’s likely your new home will be larger or smaller than your existing home. That means you either will have extra panels or need more panels to meet your new home’s energy goals. Additionally, the process would require new permits, new electrical measurements, and much more. You are far better off starting fresh with new solar panels for your new home rather than retrofitting. In this article, we help answer some of the questions you may have regarding this process. Here are some common scenarios we encounter when our customers sell a home with a solar panel system.
Your solar panel system is completely paid off and you want to transfer ownership
If you are wanting to sell your home and you already have the solar panel system paid off, you are ready to get those panels transferred to the next homeowner. Once your home has been sold, reach out to our Customer Solutions department (833-423-1132) and we can begin the process of transferring the ownership of the panels over to the new homeowner. That includes putting the monitoring account in their name.
Your solar panel system is not completely paid off and you want to transfer the loan to the new homeowner
If you’re looking to move before your system is paid off, you can transfer the loan to the new homeowner. For this transfer to take place, you will need to reach out to the company that controls your loan, and they can assist with this process. If you do not remember which loan company you are working with, you can reach out to our Customer Solutions department and they will happily assist.
Your solar panel system is not completely paid off, but you want to add the remaining balance to the price of your home
According to a 2019 Zillow study, homes with solar panels typically sell for 4.1% more than a home without panels. Because solar panels can make your home more valuable, this could allow you to list your home for a higher price than a home without a solar system. Your loan doesn’t have to be paid off before you sell your house. But if you’re looking to avoid a loan transfer, you can increase the overall price of your home by the remaining amount of the loan. Once your home is sold, simply pay the rest of the loan off with the additional amount received from the sale.
My home with a solar panel system has been sold, but I want solar on my new home!
Who wouldn’t want to help the environment by reducing your carbon footprint? Although you cannot take your panels with you, if you move to one of the 15 states that POWERHOME SOLAR serves, we can offer a discounted rate on solar panels to our previous customers!
If this is an option you would like to consider, we can help you get started today!