Things To Look Out For When Buying A Home With A Pre-Installed Solar System
Home solar panel systems are now owned in more than four million houses in the US, contributing to roughly 8% of U.S. power consumption. The implication of this is that it is almost certain that homes available for sale on listings have solar panels installed in them already. It is best to know what you are buying before signing a contract to secure a home with solar panels for yourself.
Ask Questions
The first thing you want to do before buying a home with a solar panel array is to confirm ownership of the panels. It is possible for the seller to be the owner, which means that he or she either paid in cash or obtained a loan to get the solar panel. However, it is also possible that the solar panel belongs to lending companies, and could be forced into being refunded after your purchase. In states like California, Missouri, and Florida, solar panels can be gotten using the PACE financing option. Whatever the case might be, you need to find out the right information about the ownership to avoid any financial burden after the home purchase.
After confirming the solar panel ownership, the next questions you want to ask are relating to the panel system itself. The first is that you want to know how many years are left on the panel’s warranty from the manufacturer. You also want to ask for the sales contract with the solar installer. It is also essential to determine if the solar panel has net metering and net billing options so you can get the most out of being connected to the grid.
After asking the questions and getting adequate responses, the next step you want to take is to inspect the solar panel system by yourself. Check the panel surface for the presence of any cracked glass. This might not directly affect the amount of power being produced from the solar panel; however it could mean a lot in the long run. The crack might have come from a faulty installation, which can reduce the solar panel systems lifespan and productivity.
It is also essential for you to check the solar panel’s hot spots for any electrical fault. This could appear as some form of discoloration, and it is best to discuss these things with the owner if you are unable to inspect. The other thing you should check are the components of Balance of System, including wires transmitting both AC/DC, racking, and etcetera. It is possible for decayed material in wiring. Check any final repair costs you may incur after buying the home with a system.
As much as solar panels add value to a home, it is possible not to get the best from it if it is damaged or you were ripped off during the homes sale. This is why it is essential to ask the right questions before opting to sign any buy the home thinking you are buying a great system, afterall on lower valued homes, the system could have a high impact on the value.
