Tags solar lease
Solar Panels on Homes Can Cause Problems During Sale
Solar panels can be used to generate electricity for a home in a manner that is both effective and cost efficient. However, those solar panels can be extremely expensive, and installation of the panels can cost upwards of $20,000. In order to decrease the costs of installation, many homeowners have chosen to lease their solar panels instead of purchasing them outright. However, because most solar panel leases are at least 20 years in length, a lease can create difficult situations for individuals who want to sell their home before the panels’ lease is up. This article examines the complications caused by this type of situation.
Many buyers are willing to assume the remainder of the lease, but that is not always very simple to do. Usually, this requires a credit check and some rather extensive paperwork.
Furthermore, because solar panels installed on homes are a rather new phenomenon, it is unclear yet as to whether solar panels will increase or decrease the overall value of a home on the market.