FAQ: What Happens to My Solar Power System If I Move?
by Cody McGowan, on Jul 8, 2020 7:49:00 AM
How to Relocate When You Own Solar Panels
Adding solar panels to your home is incredibly beneficial for many reasons. For one thing, you’ll qualify for tax credits and net metering, earning you money back and offsetting installation costs.
But what happens if you decide to move a few years from now?
Have no fear. We’ll share below how to handle your solar power system when moving out of your current Chicago, IL, home, and what to expect in the process.
Option 1: Pay Off Panels and Sell Home with Solar
Once your solar panels are completely paid for, you’ll be all set to sell your house with solar included. And you’ll be in for a treat—according to Zillow, homes with solar panels sell for 4.1 percent more than homes without them and receive an offer faster, too. For the median-valued home, that translates to nearly $9,000 you’ll earn back. That covers a majority of your solar installation costs!
You may worry that potential buyers won’t be interested in rooftop panels. But think of it like owning an in-ground swimming pool. Some homebuyers may be turned off by caring for a pool, while others will pay extra for the luxury.
A few people may not want solar panels, but many buyers will feel lucky to inherit solar panels without installing themselves. Your house can be marketed as “green” or “energy-efficient” too, attracting buyers willing to pay extra for the eco-friendly lifestyle.
Option 2: Transfer Monthly Payments to New Homeowner
If you’re paying off a loan for your panels each month, your other choice is to transfer the payment plan to the new homeowner. Unlike utility bills, eventually the panels will be paid for and the new owners will no longer be charged anything. Plus, SRECs and net metering make taking over the loan it entirely worth it.
Once the new household moves in, the panels become their responsibility to pay for, and you won’t need to worry about it. Your solar lender will need to ensure the new family qualifies for the loan, and it may take an extra step or two than paying off the panels, but with the right preparation the sale will go smoothly for both you and the buyers.
Selling Your Solar Home
Investing in solar doesn’t mean you’ll be tied down to the same house for the rest of your life. If you envision downsizing in a few years or moving to a new state someday, a solar system will not get in the way.
As long as you plan to use your panels for three years or more, the financial benefits will make it worthwhile. We would only advise against investing in solar if you see yourself moving in six to twelve months. In that case, it may be best to wait until your next house to install panels.
Knowing this, are you ready to add solar panels to your Chicago, IL home? Contact Summit Solar to get started today.