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Do solar panels affect your home value? This is a common question and an important one to know the answer to before buying a home with solar or installing it on your current home.
There are two ways to purchase solar: you can buy it outright or do a solar lease. If you pay for it outright, you pay for the technology up front and not over time. If you do a lease, you make a small down payment or no down payment and you pay for the solar with your power bill on a monthly basis over the period of 15-20 years.
If you pay for the solar panels outright, it's a home renovation like a kitchen remodel -- it's an enhancement that will add value to your home almost instantly.
If you do a lease, it's a bit trickier; you're obligating your property, so it's like tying another loan to the home. That lease has to be paid for either by you or the next buyer, so it might have a negative equity impact when you go to sell.
If you're going to stay in the home long-term, we recommend leasing the solar panels. On the other hand, if there's a chance you'll be moving, it may be better to not buy solar panels or to purchase them and pay for them outright.
Basically, you need to get all the information about solar panels up front before you make a decision. If you would like help with the process, please don't hesitate to reach out to us! We're here to be your real estate resource and would love to hear from you!
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