Solar Panels - Friend or Foe?

Leased and owned solar panels are a hot topic in today’s market.  Many homes currently for sale added solar panels in the last 5-7 years.

From a financial perspective, solar panels are nearly always a good thing.  That said, you want to consider some factors when you see those panels up there.

1. Are they leased? If they’re leased, you will be assuming the lease.  You should make sure you understand what your obligations will be (maintenance, monthly payments, etc.).  Typically, the monthly payments are either a flat fee or a portion of your monthly savings (i.e., if you saved $100 on your electric bill, the lease may be $50 that month). https://go.sunpower.com/new-york/?cfid=G_S_NB Core_E_NY&ps_nb=1&utm_source=google&utm_medium=cpc&utm_target=51215452239&utm_content=514342893827&utm_campaign=G_S_NB Core_NY&gclid=Cj0KCQjwy5maBhDdARIsAMxrkw1cI71qDoJA7kQxYkbfUgsWttLFVfo4rHtbXD-slNijdDQ-QF16o8caArYXEALw_wcB
2. Are they owned? If they’re owned, the seller likely has to settle the lien (i.e., finish paying for them) before closing.  This means you own them for free and all the savings are yours.  https://gogreenleafsolar.com/?gclid=Cj0KCQjwy5maBhDdARIsAMxrkw0yDrkFD6x4uxPd_iViZK5KIOhkfOJALYfbJZc6ZrcNs9ni2eRGpmYaAmgvEALw_wcB
3. Are they newer than the roof they sit on? Solar panels are typically very durable.  Even more durable than the roof itself.  That said, if you need to do maintenance of the roof under the panels, that can be tricky , and/or expensive.  As such, solar panel companies often recommend redoing (or at least re-layering) the roof before you put on the panels.  If the useful life of the panels is longer than the roof, you may risk incurring outsized maintenance if your roof dies before the solar panels do.  NONE of this means don’t offer on the house.  Rather, make sure your inspection addresses this issue to evaluate whether an accommodation from the seller is in order.

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