Complete all of these transfer steps before completing the sale of your home to ensure that the buyer is officially responsible for solar lease payments. Otherwise, your balance could be damaged by missed payments. Step 8. The buyer contacts the electricity company. The purchaser notifies the electricity company that it will take over the solar lease of the property when it changes utilities on its behalf. It is important for the buyer to indicate whether they want to continue using the inventory plan or net metering program (if any) that the seller has, or if they want to upgrade to a current pricing plan (usually a higher cost plan). Step 10.Check the Transfer Once completed, the listing agent must verify that the solar lease has been transferred to the buyer, that the seller is exempt from the solar lease obligation, and that no further action is required. Whether you`re buying or renting, rooftop solar panels and a home battery can be a great selling point for your home. The new homeowner can use solar incentives such as net metering, more predictable electricity bills, and clean, renewable energy for their family. Step 6. For follow-up.
The listing agent and the buyer`s agent should contact the solar leasing company to track the status of the buyer`s request and the removal of the UCC-1 login. ”Usually, if you can qualify for a home loan, there`s no reason why you`re not eligible to buy or rent solar panels. I haven`t seen it yet and I`ve sold houses with solar leases,” Morales explains. Step 5. The buyer makes contact. The buyer contacts the solar leasing company and submits a request to transfer the solar lease. Although most solar energy rental companies do not charge an application fee, buyers should be aware that they may need to provide personal, financial and credit information to the solar credit company. The buyer must inform their mortgage lender that there is a solar lease associated with the house they are buying and ensure that the lease payment has no effect on their mortgage application. The buyer must review the terms of the lease during its due diligence phase to its complete satisfaction. To decide if buying the panels is a convenient option for you, compare the purchase offer with the estimated value that solar panels add to homes in your market.
For example, if the buyback offer is $6,000 and the solar panels are likely to add $8,000 to your asking price, it may be worth buying the panels for an easier selling process. Families across the country want renewable and clean energy and are willing to make the investment. Home buyers are willing to pay a $15,000 premium for the average solar system.2 In fact, your home could sell out faster with solar panels. According to a study of homeowner-owned solar panels, homes in California with energy-efficient features sell faster than those that don`t.3 You can also buy your solar panels directly and bring them into your new home, but it`s usually easier and cheaper to transfer the deal to the new household. Step 2.Collect the required documents. The listing agent must complete the collection of documents such as utility bills, production data, solar rental copies, data sheets, etc. to start preparing solar marketing materials. The listing agent must familiarize themselves with the solar lease transfer requirements and have the solar lease transfer form ready for a potential buyer. While this is usually the case, buyers who can barely afford the down payment could be disqualified for a home loan once the mandatory solar rental is added to the payment calculations by their lender. To avoid hiccups, let potential buyers know that they need to pass a credit check to take over the solar lease as soon as possible. Provide them with a copy of the solar contract and your solar representative`s contact information to give to their mortgage lender in case the lender has open questions about the lease.
It`s clear that households want to switch from dirty fossil fuels to clean, renewable solar energy to power their homes. As America`s leading residential solar energy company, Sunrun has the support and experience you need to ensure a smooth move for you and your home buyer. Rented solar panels add dimension to your home sale, but they won`t stop your home from attracting buyers or getting attractive deals. A recent lawrence Berkeley National Laboratory study of homes sold with solar leases found that 77 percent of leases were successfully transferred to the new owner, while only 20 percent of study participants said the lease deterred potential buyers. Follow these steps to transfer your solar lease to the new buyer: once you`ve found a buyer, you both sign Sunrun`s service transfer documents, and then we`ll perform a flexible credit check on the buyer. Feed the green instincts of buyers by offering them the specific benefits of your home`s solar system. Give your real estate agent these convincing details for their sales pitch: as with the solar system at home, it is recommended to hire a professional to remove them as well. Hiring professionals to remove solar panels can be expensive and complicated – it may make more financial sense to sell the solar system with your home and invest in another system when you move.1 Consider buying solar panels and a home battery when you move into your new home and take advantage of incentives such as a state solar tax credit. the federal investment tax credit and local rebates. Step 9.Complete the transfer/sale of the house. The trustee will complete the sale of the house at the time prescribed in the contract. In addition, the fiduciary agent will return the signed transfer agreement to the solar leasing company and attach any additional necessary documentation, such as.B.
a deed showing the transfer of ownership. Looking at the step-by-step process, there are a lot of documents related to solar rental that are used before, during and after the sale of the house. These include: Some solar leases include an early buyback option that allows you to purchase the rest of the lease and own the solar panels directly. If you own the solar panels, remove the solar lease from the home sales equation and increase the market value of your home. Step 3. Sign the possibility of the solar lease. Upon receipt of a purchase agreement to purchase the home, both the buyer and seller must include the solar lease contingency in the purchase agreement. The buyer`s agent and listing agent should discuss the steps in the solar lease transfer process between them to ensure that all parties have a clear understanding of the steps that must take place before closing. A solar lease gave you the ability to operate in the sun without having to pay the $11,000 to $14,000 it costs to install modules all at once. You saved energy, reduced your low electricity bills, and felt the undeniable pleasure of sharing these benefits when the topic of solar energy was discussed with anyone who wanted to listen. If you are selling a house with rented solar panels, you will either need to transfer the lease to your home buyers or purchase the solar company`s modules to close the lease in advance.
Both options have their pros and cons, so you`ll need to look at the terms of your contract to assess which one best suits your particular situation. We`ve done thousands of solar service transfers, and our team of service transfer specialists is here to guide you through the process. The specialist knows all the specifics of your specific service contract and can facilitate the transfer on your behalf. Best of all, we guarantee that new homeowners qualify for our solar services. Contact your real estate agent to assess the value your own signs would add to your home to help you decide. ”In the beginning, maybe five, six years ago, when these solar leases were a little bit newer for people, I think buyers were a little shy when it came to dealing with these types of homes and these types of contracts. But now I feel like buyers are much more receptive to solar leases than they were before,” Morales said. Step 1.Contact the solar leasing company.
The seller contacts the solar leasing company to inform them that they intend to sell their home and transfer the solar lease to a potential buyer. .