Solar panels have become a major perk in the home buying and selling process. For sellers, they can potentially increase home value. For buyers, they could mean potential savings down the road. Dive into the process of buying and selling houses with solar panels in Virginia.
Do Solar Panels Increase Home Value?
Solar panels have become more affordable over time, making them a more popular rooftop feature. As solar panels continue to grow more popular, the value of Virginia houses with them has trended upwards. Per a report from Zillow, houses with solar panels sell for 4.1% more on average.
Selling a Home With Solar Panels
Should you decide to sell your home (and attached solar panels), an important factor in the process is whether or not you have paid off your solar system. If it is completely paid off or was paid for in cash, then your panels simply transfer over to the new owner of the house. If your system isn’t paid off, you have a couple of options:
- If the new homeowner qualifies, they could take over the loan for the panels
- You could pay off the loan with your earnings from selling the house.
- If the buyer is willing to pay the loan along with the cost of the home they are buying, they can. However, this could put a hold on the house’s sale.
Once the loan has been paid off, by you or the buyer, everything is set for the sale of the house.
Buying a Home With Solar Panels
On the flip side of things, when buying a house with solar panels, you will need to consider the same factors and more. Is the solar system paid off, or will you need to pay that additional cost? That, along with the age of the system, are two important pieces of information to know when making a decision. However, even if the panels aren’t paid off, the chance at future savings on your electric bills could potentially offset the initial cost of the solar panels.
Go Solar In Virginia Today!
At Pink Energy, we are experts in the field of solar and are happy to answer any questions you may have. Whether you are looking to buy, sell, or just want more information we are here to help. Contact us today for your free quote!