Should I Purchase Property With Pre-Installed Solar Panels?

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Solar panels have become increasingly popular over the course of the last twenty years or so, which means that more and more properties are being sold with solar set-ups already installed. If you’re in the market for a new house in North Carolina or South Carolina and are debating whether or not you want it to already have solar panels, this guide is for you. In the next few paragraphs, you’ll discover some issues you should consider in regard to residential solar power. 

What are the benefits of solar energy at home?

First, it is important for you to have a real understanding of the benefits solar energy offers before you decide if it’s right for your household. The main perk of residential solar panels, of course, is that you and your family will spend less on your utility bills overall. Another major benefit is that solar energy has zero negative impact on the environment. 

What is the difference between leased and host-owned? 

If you are seriously considering making an offer on a Carolina property that already has solar panels, the main thing you need to evaluate is whether the array is leased or host-owned. Leased systems may seem like a good idea to homeowners who don’t have a lot of money saved; they can start reaping the benefits of leased solar panels right away without making a huge upfront payment. 

The downside, however, is that leased solar panel arrays often come with 20-year contracts. If the homeowners you’re planning to purchase from haven’t paid off their panels yet, you could find yourself owing a great deal of additional money. Make sure you talk to your real estate agent about the specifics of the property you are looking at. This way, you can fully understand how the terms of the lease will impact you. 

Host-owned solar panels, on the other hand, belong to the homeowners. Because solar panel arrays are installed specifically for each property, sellers generally don’t take their systems with them. While host-owned solar panels might increase the purchase price of a house, buying a property with pre-installed panels is still typically less expensive than having a new array put in at a later date. 

The main issue with host-owned panels is that, since they usually remain on their original property, they are not ideal for buyers who don’t want solar power. It can be costly to have solar arrays taken down, so look into the cost of removal if you don’t plan to utilize solar power yourself. You may also want to have an energy assessment performed before you decide for sure that solar power isn’t right for you. You could find yourself surprised at the potential savings!

At Hatch Homes, we offer a variety of exterior renovation services, including roof and siding installation, that can further improve the energy efficiency of your North Carolina or South Carolina home. If you are about to close on a new-to-you residence, give us a call to discuss what we can do to help you save money in the long run.

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Hatch is your partner for exterior remodeling.