The Solar Panel Lease Debate for homeowners continue in the Valley for many homeowners. .
Going green is an important goal for most American’s wanting to preserve our resources. It is a positive step to ensuring we are leaving a healthy planet to our children and grandchildren. A lot of people have been asking lately about leasing solar panels. There is definitely pro’s and con’s to this subject and we are going to look at a couple of them today.
A great source of discussion or debate on the sale of homes in Arizona right now is the value of solar panels on the home. This is pretty much broken down between the solar panels that have been purchased in full by the homeowners, or leased for twenty to thirty years by the homeowners.
Solar Panel Lease Debate For Homeowners
We are going to discuss the solar panels that have been leased. Solar companies by the droves will tell you that leasing solar panels will increase the properties value. Lets take a look at this for a quick second, they are telling you that if you sign up with them, the value of your home will instantly increase by adding a 20,000 to 30,000 dollar debt? It doesn’t take Warren Buffet to figure out that there needs to be some more math involved so please make sure you ask the hard questions if this is an avenue you plan to explore. If you are thinking about leasing your solar panels you may want to make sure you plan on being in your home for quite a while.
There have been a few homes for sale this past year that have been held up and cancelled entirely because of the lease of solar panels. You may think it’s not a big deal if you leased them, but if you think your going to sell your home and pass the lease along, think again. If your prospective buyers are getting a FHA loan, their loan cannot be insured with the lease of solar panels. With other forms of loans, the lease is going to count in their debt to income ratio and could ultimately prohibit them from purchasing your home. The reason being is the lease is going to add an additional 100 to 200 dollars of debt a month that neither the buyer nor the lender anticipated. Not to mention, the new buyer will have to qualify with the solar company to transfer the lease into their names.
In many cases recently, the sellers have been asked to pay off the lease so they buyers could move forward with the purchase. Very rarely do buyers have an extra twenty to thirty thousand dollars to pay off the lease of solar equipment at closing if that needs to be the case. It is definitely something to think about if you may have to sell. With all of this information it is a no wonder why the solar panel lease debate for homeowners continues.
If your thinking about leasing solar panels and quite possibly could have to sell your home in the foreseeable future, you may want to review all of your options and take the above information in for your consideration. If you do have leased solar panels and are thinking about selling your home, please contact Ewen Real Estate today so we can help sell your home.