Pros and Cons of Solar Energy
I have lately been asked if adding solar panels to a home will increase its desirability on the market. Well, I just listed and sold my first home with solar panels and here are some points to consider:
The Solar Company may put the panels up for "free", but you are actually leasing the panels and have a large buyout to be released from the lease.
The Solar Company will require that you have internet services to assist them with the reporting.
If you have a hailstorm, the panels are at risk.
If your roof needs repair, who is going to help move the panels?
If your roof develops a leak due to the solar panels, who is responsible?
The solar company will require that the buyer assumes the lease of the solar panels. This may affect the buyer's ability to get a mortgage.
Not all buyers will appreciate the solar panels. In my case, approximately 50% of the buyers who initially wanted to see the home, lost interest because of the solar panels.
Does your neighborhood HOA allow solar panels? I recently heard of a home that had to have $50,000 worth of solar panels removed at the demand of the neighborhood HOA. Ouch!
My sellers thought they were saving so much money with their solar panels, but when I went through their bills, the actual savings after all extra charges amounted to an average of $50 per month.
If your power bills are too high, first consider if you need a new heat pump. A new high-efficiency heat pump can save a great deal on the power bills by operating at various capacities. At my personal home, my power bills are 40% lower with my new high-efficiency heat pump.
I know, it seems like I have not listed any pros, the main pro for solar panels is that it is good for the environment. It also can save some money on power bills.
Ultimately, my suggestion is to not take the word of the solar panel salesman about how they increase the value of the home.
Ask an EXPERIENCED Realtor in your area to see how they think the panels will affect the value before you decide.