Leased Solar Panels Buyer Beware

Leased Solar Panels Buyer Beware

Image title

Go green, right?  No down payment  or installation costs and save on your electric bill. Just lease the solar system for 20 years for a reasonable monthly payment. No-brainer, right?


Not so fast!

  

What happens if you need to sell your home within that 20 year time frame? Are you prepared to buy the lease out? In many cases sellers can't afford to or won't  buy out the lease, leaving potential buyers in a position to have to qualify, credit-wise, to take over the lease.  Their monthly financial commitments increase and that, in turn, can affect their ability to qualify for their mortgage loan.

 

True story from our office. Sellers have a leased solar system costing them $200 a month.  When the solar company is approached to transfer the lease on the sale of their home, the new buyers are charged $350 a month. and are on the verge of not qualifying for their loan with that increased payment.


Think carefully before jumping into a solar lease! They are not necessarily the home "improvement" that  boosts value and can, in many cases, drive demand for your property down.








Dorian Kisch Headshot
Author:
Phone: 805-712-4436
Dated: January 11th 2017
Views: 185
About Dorian: I’ve always known that I wanted to use my business acumen, experience and abilities to help famili...

Property Search








RSS Feed

View our latest blog posts in your RSS reader. Click here to access. RSS

Search Blog

Recent Blogs

Pismo Beach Clam Festival 2017 - If there is one thing most all of
Paso Robles Pioneer Day 2017 - The town of Paso Robles was built
Preparing Your Home For Sale In Atascadero - I moved to Atascadero just over 8
Atascadero Homes For Sale With Price Reduced - Finding a home in Atascadero can

Saved Properties

This is a list of your favorite properties. We will email you if a property is reduced or leaves the market.

Click 'Save' to add a property to this list.

Register / Login

New & returning visitors please enter your information to login.

By clicking 'register' you are agreeing to our terms of use & giving us expressed written consent to contact you.

Questions? Comments? Complaints?

This message will go directly to the head of our team.

Location & Address

Ken Bryant RE/MAX Parkside
711 12th
Paso Robles, CA
805-329-6332
805-457-8958