Virginia solar: What happens when I sell my home that has solar panels?
While any Virginia homeowner who gets solar panels installed on his/her roof or property would love to enjoy the perks of that solar energy into perpetuity, we know that life sometimes involves moving from your current residence. What happens when you sell your Virginia home that has solar panels purchased from Power Home Solar? That process shouldn’t be too difficult if you know what to expect.
If you bought the panels with cash or already paid off your loan, there’s nothing to this process. The panels transfer to the new owner, and you can use the proceeds from your home’s sale to get solar panels at your new residence. A 2015 study from the Lawrence Berkeley Research Laboratory indicates that buyers place a premium on homes with solar, paying more for them because of the savings they generate compared to homes without solar. Essentially, it’s like when buyers see a jetted bathtub vs. one without — they know the value in one over the other.
Selling your home before you’ve paid back the loan on your solar panels works differently. It is easiest for the seller to pay off the loan with proceeds from the sale to avoid any issues, as there are no penalties for paying off your loan early. While it may be possible to transfer your solar loan to the new homeowner, that would require the buyer qualifying for the additional cost, and having willingness to take it on.
If you are thinking about moving soon, purchasing solar panels may not be right for you. But for those who are interested in staying put for awhile and owning their power from a clean, renewable energy source will indeed enjoy shrinking their dependence on the utility company. On top of that, the average homeowner is expected to save tens of thousands of dollars in making the switch to solar.
With our innovative solar program, Virginia homeowners can go solar for $0 up-front cost, save money on their electric bills, and generate their own clean energy. The solar panels installed on your home are American made and come with a 25-year warranty, with many panels expected to last well beyond that. It’s a great time to start reducing your carbon footprint.
Please feel free to fill out the form below or contact Power Home Solar at 800-765-2715, and one of our solar representatives will help you determine whether your home qualifies for this program.