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Buying a house with solar panels installed.....
Posted on 5/31/15 at 8:18 pm
Posted on 5/31/15 at 8:18 pm
Are they an asset or a liability?
Seller believes that the panels are an "added" value. I disagree and do not want to assume his lease. I have countered with a request that he pay off the lease or reduce the price an equal amount.
Homeowners Insurance won't cover "leased" equipment, but not sure on that.
Anybody here have any experience buying a house with a solar lease?
Seller believes that the panels are an "added" value. I disagree and do not want to assume his lease. I have countered with a request that he pay off the lease or reduce the price an equal amount.
Homeowners Insurance won't cover "leased" equipment, but not sure on that.
Anybody here have any experience buying a house with a solar lease?
12
Posted on 5/31/15 at 8:20 pm to Lombardi44
Don't you get a fairly substantial tax break for stuff like that?
Posted on 5/31/15 at 8:20 pm to Lombardi44
I think solar panels are a good thing but if they're leased, the seller absolutely needs to cover the remaining portion of the lease.
Posted on 5/31/15 at 8:20 pm to Lombardi44
kind of like a swimming pool, IMO...one perspective buyer may love it, while the next is only thinking about the cost to fill it with dirt...
Posted on 5/31/15 at 8:21 pm to Lombardi44
I wouldn't pay a dime over $100/sq ft... Apparently that's top of the line in NO now.
Posted on 5/31/15 at 8:24 pm to Lombardi44
You need to consider potential roof leaks due to the panels, provided they're mounted to the roof.
I would ask for a warranty on the equipment for a period of more than 12 months if they won't decrease the selling price. I don't like the idea of solar panels on a house. I'd much more prefer a geothermal HVAC system.
I would ask for a warranty on the equipment for a period of more than 12 months if they won't decrease the selling price. I don't like the idea of solar panels on a house. I'd much more prefer a geothermal HVAC system.
Posted on 5/31/15 at 8:24 pm to Lombardi44
I have solar on my house. They are worth it. With the tax credits though, he is probably 5k out of pocket on the system. They will pay for themselves in 5 years.
Posted on 5/31/15 at 8:29 pm to TDsngumbo
If they're leased, doesn't the leasing company get the credits? Isn't that how they can offer such good deals?
Posted on 5/31/15 at 8:31 pm to Spankum
Except a pool doesn't come with an added lease payment. I can't imagine why anyone would buy a house and assume a lease from the previous owner without some type of concession on the purchase price.
Posted on 5/31/15 at 8:32 pm to Lombardi44
How old are the shingles and what happens when they need to be replaced?
In my mind they would be a liability and an eye sore, I would want them removed at sellers expense
In my mind they would be a liability and an eye sore, I would want them removed at sellers expense
Posted on 5/31/15 at 8:43 pm to Tigerpaw123
shingles are about 10 years old. The solar company says there is a 25 year labor warranty on repairs but once the State takes away the solar tax credit program, I expect most of these companies to go under.
Posted on 5/31/15 at 8:55 pm to Lombardi44
quote:Nope, nope, nope, nope, nope.....
Buying a house with solar panels installed.....
Good luck but I would not do that at this time.
Maybe in twenty years they will be more standardized and proven.
Posted on 5/31/15 at 9:13 pm to Lombardi44
Owning the solar panels may turn out to be a good deal, but, LEASING solar panels is a losing proposition.
Posted on 5/31/15 at 9:17 pm to Lombardi44
Know those things have a life of only about 15 years. They fall off quick.
Don't count on tax credits to replace them.
I would deduct the cost of replacement now.
Don't count on tax credits to replace them.
I would deduct the cost of replacement now.
Posted on 5/31/15 at 9:22 pm to Lombardi44
Tesla Powerwall battery for solar panels. You move off the grid. The battery harnesses solar power instead of sending it back to the electrical company. You basically don't have to pay any electrical bills.
Your welcome.
Your welcome.
Posted on 5/31/15 at 9:35 pm to Doby
You're
Posted on 5/31/15 at 9:57 pm to Doby
quote:
Tesla Powerwall battery for solar panels. You move off the grid. The battery harnesses solar power instead of sending it back to the electrical company. You basically don't have to pay any electrical bills.
Posted on 5/31/15 at 10:05 pm to Lombardi44
quote:
Except a pool doesn't come with an added lease payment. I can't imagine why anyone would buy a house and assume a lease from the previous owner without some type of concession on the purchase price.
agree completely...there is no way I would be assuming any lease payments on someone else's project...
Posted on 5/31/15 at 10:16 pm to TDsngumbo
quote:
I think solar panels are a good thing but if they're leased, the seller absolutely needs to cover the remaining portion of the lease.
This is the best answer if seller goes for it.
However, your electric bill payments are lower because of the system on your roof. So you could maybe work something out with the seller where you pay a little less and you continue making the lease payments. You get maintenance and repairs, etc all included within the lease so you are protected that it will last for 20 years (or however much is left in this particular lease). You are going to be saving money on your electric bill so there is value there. How much a month has he been saving? Why wouldn't you think that's worth something?
ETA: If you do take over the lease, make ABSOLUTELY sure the lease is a fixed price and it does not have an escalator. Most go up 2.9-3.9% per year if it has one. If it does have one, you need to adjust for that.
This post was edited on 5/31/15 at 10:19 pm
Posted on 5/31/15 at 10:17 pm to CoachChappy
quote:
With the tax credits though, he is probably 5k out of pocket on the system.
He is not out of pocket anything more than likely. A lease is $0 down and then you pay a certain amount per month. A 3rd party company gets the tax credits. A purchase is when the buyer gets the tax credits.
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