Solar News & Information

Facts About Selling Your Solar Home

Oct 11 , 2023

Adding a solar energy system to your home is a proven investment helping you to realize significant and quick savings on your electricity costs.

As more homes solarize, those still paying their utilities are recognizing the value in solar and their missed savings opportunities. After just a little research it’s easy for anyone to calculate that few home improvements can offer such a reliable financial return on your expense.

Some or most of that solar “expense” is often transferred at the point of sale. Here is some more background:

Are Homebuyers Looking for Solar?

Yes. A growing number of homebuyers not only seek out solar homes, but they tend to make buying decisions faster when they find what they are looking for.

In 2022, Rocket Homes, a tech-centric platform providing home buying, selling, and financing services, conduct a survey. They found that not only were current homebuyers and those seeking to buy interested in being eco-friendly, they were very motivated by any utility savings offered by solar panels. Here are some specific findings:

90.7% of homeowners without solar power want the electricity savings, and more specifically lower bills. (even zero bills)
Almost 58% of homeowners believe solar power adds value to the home. This includes those with solar, those without solar, as well as those in the market to buy a home.
Of those surveyed, 35.3% who purchased between 2020 and 2022 say they either bought with solar, have since invested in solar, or plan to go solar.

Is Owning the Solar Energy System Important?

Yes, again. Just like remodeling and home expansions, a purchased solar energy system is a part of the home and increases the appeal and and value as noted above.

Increasingly, home appraisers have professional guidelines and previous sales history that make assessing the value of a solar energy system easier. In Massachusetts, appraisers suggest there are common methods to calculate the added value of solar:

Assessing market value – By observing the impact of the system on the home’s value compared to those without a solar system.
Value of lifetime income – Projecting the future income the solar system will generate for the owner over its forecasted remaining lifespan. The longer the system has been in service, the more precise this estimation can be for the prospective homebuyer.
Replacement cost – This method calculates the cost of building the similar solar energy system based on the current quality of the equipment.

Fannie Mae provides an appraisal guideline which covers fully owned panels, financed purchased systems, and leased systems. The organization does not recommend appraising any added value to leased hardware.

Leasing a solar energy system, while perhaps the only option for some households, also complicates the buying process. Future homeowners will need to qualify for lease transfers in addition to any mortgage qualifications for the financing of the home. These are two completely separate processes.

More Tips for Promoting Your Solar Home for Sale

A prospective homebuyer appreciates an existing solar power system for the same reason the original buyer chose to invest in solar. Modern systems, included those we design and sell at SunRa Solar, are able to produce reliable power for over 3 decades. Although there is a small amount of ageing related performance changes, the production and savings is still very predictable long into the future.

These are just some of the reasons to highlight, all consistent with the Rocket Homes survey summarized above:

Majorly reduced or zero electricity payments to a utility.
Protection from routinely increasing Massachusetts electricity costs.
Long term environmental benefits through reduced natural gas generated electricity in New England. As more homeowners go solar in the region, there is less traditional generation expansion and less existing power plant generation needed.

You can get a ballpark savings estimate of your own. Click at the top of this page to Get Estimate!

Or Contact Us below.

Contact Us with questions or to see exactly how solar power will work for YOUR home, saving you thousands. It’s a free evaluation with absolutely no obligation.