Having a Solar System in your home is very popular these days in San Diego. I am seeing more and more homeowners in North Park and South Park with a Solar System installed in their homes often. Before you think about having this done, ask yourself one question. Do you see yourself living in that home for more than ten years? If so then, maybe this it makes sense to add solar to your house. But, if you don’t think you will be staying in that home for at least that long, then this may not be the route to go.
When making improvements to your home, you should always think of resale. So, with this being said, will having Solar Panels add value to your house if you have it when it comes time to sell your house? This depends. If you were to buy the Solar System, how many years will it take you to break even? If you were to sell your home, the buyer would see value in having a $10.00 electric bill or sometimes, none at all. However, even if you buy the system but you turn around and decide to sell in a few years, would you see a return on your investment? Also, what happens if you were to lease it? Someone buying your home would not only have to qualify for a mortgage. They would also have to qualify for the assignment of the lease. With the high home prices in San Diego, this can sometimes be tricky. If the homebuyer is at their absolute top of qualifying for a loan; they don’t always like the fact that they now have to qualify and take over the lease of the Solar.
Let’s say you do have solar panels on your home and you have decided to sell your house. Make sure the Realtor that you are working with knows how to go about getting everything aligned, so the sale goes through without a glitch. You should contact the Solar Company right away. Let them know that you will be selling your home and need to have the necessary paperwork sent to you. This would include your original agreement, the transfer agreement, PUCC (Request for Temporary removal of the document from Title) and then the document that requests to remove the UCC ( UCC Finance Termination). Once an offer is accepted, all of this paperwork must be filled out properly, immediately and made part of your purchase agreement. If this is not done correctly things could be delayed and/your transaction could fall apart. This would be a bummer.
With all this being said, is having a Solar Panels installed in your house a good investment? Overall, I think it is, but it all depends on your situation. Also, if you are thinking of having a Solar System installed, do your homework. Search different companies and ask about their warranties. Panels typically come with a warranty. However, make sure that the workmanship is warrantied as well should the installation cause a problem with the solar power production. Ask your friends, neighbors and go online and check the better business bureau and yelp for reviews on different companies.