If you want to buy a home with a solar panel, you should do due diligence to ensure you are getting value for your money. Below are a few things you should evaluate before the purchase.
One of the first things is to find out how the owner acquired the system. This will tell you who owns the solar energy system at the moment. Did the owner buy it in cash, via financing, or did they lease it? If the owner leased the system or bought in on finance, then you need to know whether the lease or loan is transferable, as well as the terms of the transfer. The easiest process is if the property owner fully owns the system, in which case, you just buy it along with the house just like any other structure in the home.
Solar panels have to main functions, at least as far as many homeowners are concerned. The panels provide energy in case of a blackout, and they also reduce monthly energy bills. You need to know how well the system has been performing these duties before you buy the house. This is crucial because solar panels have different efficiencies, and you should not judge a system based purely on their size. Ideally, you need to see figures of past performance, for example, by looking at past electricity bills for the house.
There are two main issues you need to worry about as far as the warranty is concerned. First, you need to scrutinize the solar system warranty. You need to know the issuer (they should be a reliable company) of the warranty and how many years are remaining before the warranty expire.
You also need to know whether the solar installation interfered with the roof warranty. This is because solar installation can compromise the integrity of the roof, especially if the installation is not professional. In fact, roofing companies insist on professional solar installation, and doing otherwise can void roofing warranty.
Lastly, you also need to consider the resale prospects of the home. Here are three things you need to worry about. One is the location of the solar panels. Panels located to the front of the house may interfere with curb appeal and lower resale value; panels towards the back are preferable. The second thing is the ownership of the solar system; many people are wary of buying homes with leased solar systems. The third is the climate and past performance of the solar; you don't have to worry about this is the climate is predominantly sunny, and the system has performed exemplarily so far.
Contact a company like Partners Trust Real Estate Brokerage today to learn more.