Valerie Mattei | October 20, 2023
🚙 I just recently got a Tesla. Yes, I gave up driving my amazing, but gas guzzling, Jeep Wrangler. Like many of us in real estate, I was driving well over 100 miles a day, and between the ripe age of my jeep and the high cost of gas, my beloved SUV wasn’t working for me anymore. Since the switch to an electric vehicle, I feel relief everytime I pass a gas station. I also scored some “cool” points with my teenage daughter who will not only inherit said Jeep Wrangler, but also gets dropped off at school in what she thinks is a fancy new car. Now that society is moving toward electric as a whole, solar panels are the next logical improvement one can make to their home. What’s not to love? No gas. Charge at home. The sun is free energy. The topic of solar panels on a home is much more complicated than one might think at first. ☀️
🏠 Let's start with the best-case scenario: The solar panel system is owned outright by the seller. Here's what you should know:
🌤 Purchased With A Solar Loan:
In some cases, the solar panel system may have been purchased with a solar loan, meaning the seller hasn't entirely paid it off. Here's how it works:
🔌 Purchased With PACE Financing
Property Assessed Clean Energy Financing (PACE) is another way to finance solar systems, and it's tied to the property itself:
🌱 The Dirt On Leased Solar Panels
If the solar panel system is leased, there are several important considerations:
📝 Quick Facts About Solar Power Purchase Agreements (PPAs):
Solar Power Purchase Agreements (PPAs) are different from leases:
Like many of us moving toward electric vehicles, solar is certainly something we need to take into consideration. Understanding the ins and outs of solar panel ownership is crucial. Whether owned, financed, or leased, solar systems can significantly impact your investment, both financially and environmentally. Make sure you're well-informed before making a decision, and consult with a knowledgeable realtor who can guide you through the process.
RISE Homes has helped both buyers and sellers navigate the complicated situation of solar panels many times. Feel free to reach out with any questions!
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