Apart from the place you reside, the solar system’s condition and whether you own or lease the solar power system will affect your home’s value. Having an updated solar setup that is well-maintained can go a long way in improving your home’s resale value. Conversely, if you have a system that is decades old and in poor condition, you’re unlikely to find buyers who want to purchase or pay extra for your home due to the installation.
Given this, if you are considering selling a solar-powered home, make sure you keep up with the servicing and familiarize yourself with ways to keep your solar panels clean to attract buyers. Additionally, owning your home’s solar system outright, as opposed to leasing the system from a solar company, can positively affect your home’s value. Keep in mind that you’ll only be able to take advantage of solar incentives if you own the system. What’s more, ownership also makes it easier for you to transfer the solar power system to the new buyer.
If you currently own your home but lease your solar system, the solar provider will remain the legal owner of the system. In this case, you’ll need to do a buyout, but this may require a large upfront payment. You may also be able to transfer the lease to the new home buyer, but they will typically need to go through a lease eligibility check, which may include a credit check. To simplify the process, you’re best off purchasing the system.
