The use of solar panels can help you save money and the environment by offsetting the cost of electricity and heating. If you’re considering installing solar panels on your property, there are some things to know before you buy. Below are the key things you should consider before buying a home with solar panels.
1. Roof Exposure to the Sun
Roofs that are exposed to the sun are better in terms of energy tapped. If the roof is in a north-facing position, it can prevent you from effectively creating energy for four or five months of the year. The panels should be located in a place that has the least amount of shadows and maximum sun exposure.
2. Resale Value of the Home
If your house has solar panels installed, that could unfortunately negatively impact the resale value. The PV Solar Institute says that buyers are concerned about possible problems with the roof and the solar panels. Solar panels also may make the roof less attractive, preventing certain buyers from looking at the property.
3. Will You Lease or Own the Panels?
You should know whether purchasing the home also purchases the solar panels, or if they are being leased. Buying the renewable energy system means that you can recover the investment in a shorter period of time. If they system is leased, it could cost the buyer a lot of money over the long term.
4. Maintenance
Before buying a home with solar panels, you should know how much maintenance is required to maintain them. Some panel systems may require annual maintenance while others only need to be checked once every three years.
5. Mortgage
There are some banks that do not accept financing applications if the home has solar panels. Luckily there are some banks, such as Bank of America, that do not have problems with it. Do your research and be sure to ask your financier about any policies or issues with solar panels.
6. Economical
In some areas of the United States, it is more economical than in other areas. For example, in the state of Colorado you’re likely to do better with solar panels than if you were in other areas of the US.
7. What if a Roof Needs Replacing?
The possibility to replace the roof should be considered too. When replacing the roof, it may be necessary to remove the solar panels and reinstall them later. This could be costly, especially if there is damage to the roof from removing the panels.
It’s a good idea to research solar panels thoroughly before making a decision. We hope this article gave you something to think about.
