You’ve probably heard about the benefits of installing solar power in your home, both in saving money and helping the environment. But does it really pay off for your wallet?
The answer is…maybe.
“If you’re planning on living in your home for many more years, solar power might be a great option,” said Scott Chancellor, our real estate Insider from Realty Executives. “But if you plan to sell your home in the near future, you might want to think again.”
Pros and cons of selling a solar powered home
Selling a home with solar power can be very tricky. Some buyers are turned off by it. And, though the systems can cost $20,000+, they don’t add much to the home’s assessed value. Sellers might even have to pay off the lease, potentially costing $15,000+. If the unit is leased, the new buyers will have to qualify to lease it, too. Are the panels removed when the lease is up? What about roof damage?
Questions to ask yourself
To help you decide whether to “go solar” or not, ask yourself:
- Are you planning to sell your home in the near future?
- If you buy the system, how long will it take to pay it off and see savings? This could take 10+ years.
- If you lease the system, what if you sell your home?
- How does the power company meter the system? Are rates guaranteed?
Whatever you decide, you’ll be glad you took the time to consider all sides of the issue.
For information and help with selling your current home and/or buying your next one, contact Scott Chancellor, Realty Executives at 520-360-6973.