gmhTODAY Spring 2023 | Page 12

April is Earth Day — Celebrate ! Selling or Buying a home with Solar Energy may be in your near Future

As experienced Realtors , Marian Sacco and Margaret

Vierra have successfully guided sellers who have solar contracts and buyers who are purchasing a new home with existing solar systems . Attention to details and added review of documentation is very important for a successful contract timeline . Our role is always to help our clients have a smooth transaction process and a happy sale or purchase of a new home .
Over three million U . S . homeowners have “ gone solar ” to help save on energy bills . Our area is blessed with great sunshine to power our home and cars , so solar may be part of a home that is listed for sale . The financing of a solar system is a very important part of the selling or purchasing contract and must be considered early , or it can impact a buyer ’ s loan , appraisal , and closing timeline . However , the benefits are almost always worth the extra time and attention .
According to the U . S . Office of Energy Efficiency and Renewable Energy you should research solar installation and evaluate and inspect the home you are preparing to buy or list for sale . Very important considerations include the style and age of the roof , the age of the solar panels and their efficiency and cost benefits as well as how the system is financed by the current owners .
If you are preparing to sell your home with solar panels , Team Vierra will consult with you and recommend you create a file with information such as :
• Original solar installation dates , costs , and contract . Be aware that many companies have changed ownership or consolidated .
• At least six months of your energy bills to show savings and the “ true-up ” costs per year for review with the potential buyers .
• Proof of the financing of your system , monthly bills related to the solar system , and details on how to transfer the financing to a new owner . Is the contract easily assumable by a new own
• A copy of your Home Energy Audit used by the installer to calculate your electricity needs . Have you made other energy improvements such as new appliances and / or an EV charging station ?
• Any permits and or inspection of the system .
A homeowner may own the solar energy system in either of two ways :
1 ). Purchase the system outright 2 ). Third party solar loan to purchase
A third-party loan may have used the tax credits as part of financing , so know what options you have for a new owner to assume this loan . Most installers have very low interest rates to purchase through their financing and it is a great benefit to the new owner to assume this loan .
Or the system can also be leased in two ways : 1 ). A fixed monthly payment for use of your system 2 ). A power purchase agreement
These finance options will be important when you decide to sell your home . And , as your realtors we will need to present all the details to potential buyers to make the financing transition by a new buyer as seamless as possible .
For buyers , it is important to review :
• All contracts for financing or lease of the system . What will be your monthly costs of the system , what maintenance and cleaning is recommended , and does it balance the electricity savings ?
• Are there any added costs to “ assuming ” and transfer financing and how long will it take ? We need to factor that into our purchasing timeline and not be “ surprised ” at closing time .
Margaret and Marian , Team Vierra , are experienced and enthusiastic about helping you sell or buy a new home in South County . And , helping you understand all the benefits of a home with solar energy is just one step in an exciting real estate transaction .
12 SPRING 2023 gmhTODAY Magazine gmhtoday . com