To Lease or Own Solar Panels?
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To Lease or Own Solar Panels?
Whether To Lease or Own Solar Panels is a pretty hefty topic of conversation these days. Our state, as most know, receives at least 330 days of sunshine a year. That's a lot of energy that could be harnessed by installing solar. The public is starting to realize that it's a smart idea. But, most folks don't have the dough to purchase the panels outright as they can cost thousands even after all of the rebates and incentives. Another option is to lease solar panels.
Solar leases have become a very attractive option for homeowners as there is typically no upfront cost. You can reap the benefits of lower utilty bills but you'll still be paying the leasing company and they will receive the rebates and incentives. A homeowner should be provided with the approximate energy savings by a leasing company so as to make an educated decision as to cost vs. benefit. And there is a lot more to consider. To Lease or Own Solar Panels?
- Leases can be for 20 years;
- The solar company reaps the incentives and rebates, not the homeowner;
- When selling a home with a leased solar system, a buyer must qualify for the lease;
- Leased solar panels typically can't be removed in order to close a sale, but at least one company is now offering to relocate the panels;
- If a solar company goes out of business, transferring the lease can be more difficult;
- There are 2 agreements between the leasing company and the owner; the leasing company and the local utility provider; and
- A large expense will be incurred if the buyer or seller of a home chooses to prepay the lease in advance in order to close a sale.
It's always wise to perform an Energy Audit on a home prior to adding solar panels. An Energy Auditor will produce a list of possible changes and improvements, which will lower energy usage and can reduce the size of a solar system. So, check the list from changing your light bulbs, replacing your thermostat with a programmable variety, sealing leaky ducts, sealing air gaps, adding insulation, updating an HVAC system, new windows to solar. The home pictured above installed solar panels first, then the dumpster arrived to remodel the house and insulation was at the top of the heap - big mistake!
And since those changes can reduce your energy costs, it is wise to make these changes prior to considering solar panels as the size of the system can be reduced, costing less.
If are considering selling a home with solar panels, give me a call. I specialize in selling homes with solar systems and other special features. To Lease or Own Solar Panels!
RE/MAX Excalibur Realty
21803 N Scottsdale Rd., Suite 100
Scottsdale, AZ 85255
(602) 620-2699 DIRECT
(480) 355-3480 FAX
www.RelocatingToScottsdale.com
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