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Is buying a home with solar panels a good idea?
Yes, buying a home with solar panels is generally a good idea. However, the exact answer depends on the status of the solar panels and your financial situation. If the previous owner bought the solar panels outright or has fully paid off the system’s financing agreement, you won’t have to worry about transferring the loan. Instead, the price of the panels is likely already factored into the closing costs. Notably, there’s a premium on homes with solar panels, as they typically increase a home’s value by 4.1%.
As with anything, be sure to ask questions. Here are some key questions:
- How old are the solar panels?
- Are the solar panels paid off?
- Who installed the panels?
- What brand are the panels?
- What is the condition of the roof?
This information matters because it helps you determine whether the panels are an asset or a liability. If the current homeowner hides a rotten roof beneath the solar panels, you’ll want to move on to the next housing option. Even if solar panels are a must-have feature, the odds are you’ll be able to find another home with them already. You can also install a new solar panel system built for your needs.
Should I buy a home with financed solar panels?
If a home’s solar panels aren’t paid off, the previous owner may be able to transfer the loan to your name. This is another circumstance where you’ll want to consult a financial advisor before you finalize your decision. Loan terms vary between financial institutions, and you’ll need to go through a few additional steps before being approved for a solar loan transfer.
If you don’t want to assume a loan, one possible solution is to stipulate that the owner pay off the remaining amount. Either way, you do have a lot to gain by going solar. Solar panels can dramatically reduce your monthly utility bill payments, helping you save month to month. Let’s dive into some of the other advantages.
Advantages of homes with solar panels
Homes with solar panels have become sought after over the last decade, and for good reason. According to research by Market Watch, homeowners can save more than $1,500 a year with solar panels. Solar panels also help you avoid paying the higher rates for electricity that utility companies are levying on their customers. In 2024 year alone, customers in Oregon can expect to pay about 18% more for electricity than they were in 2023. But if you have solar panels, you’re generating your power. You don’t have to pay the higher rate when you’re generating the power you’re using.
You’ll also generate credits for you bill when you’re generating excess power through a process called Net Metering. Those credits cover the cost of power you use at night or during overcast days, which keeps your bill low. The credits roll over for up to a year, so the credits you save during high production months (like in the summer) will help with your bill in the winter.
If you want to know more about the benefits of homes with solar panels, contact Purelight Power. We can tell you everything you need to know about homes with solar panels and their benefits, so you can make the right decision for your situation.
