by Patrick YoungIt is no secret that having a home is one of the most significant investments in one’s life. Whether you’re selling a home or buying a home, you need to be sure you are
What To Know When Buying A Home With Solar Panels
Dated: May 26 2020
Solar panels are an excellent way to make your home energy efficient.
If you are buying a new home, which already has solar panels in place, there are a few things to know before saying yes on the deal. Ideally the system will work seamlessly for you, but a few questions can guide you in understanding what you are buying.
For that peace of mind you will need answers to questions such as:
· When Did The Solar Panels Go On The Roof?
· How Big Is The System?
· Who Manufactured Them and Are They Under Warranty?
· Are They Any Good?
· Are The Solar Panels Under A Lease Agreement?
Lets’ take a closer look at each question, along with the answers you should expect.
When Did The Solar Panels Go On The Roof?
A key part of any solar system is the inverter.
Without getting too technical here, the inverter takes the energy captured by the panels to create the free electricity for you to use,
An inverter may only last half the lifetime of the panels and may need replacing if the panels are on the roof for over ten years.
Relevant questions here could be: the cost of a new inverter? Can you quickly get one for your system? Who will do the labor?
Most solar panels are good for 20 to 25 years but if they are older than that you could be buying trouble.
You may find that old panels are not as efficient as newer ones and with new technology the original ones are becoming obsolete.
Dating your solar panels is very important.
How Big Is The System?
Along with finding out how old the system is you will also need to figure out how big it is.
The number of panels is directly related to how much electricity the system will generate for you.
You can do a simple calculation by just looking at the roof.
The more panels you have, the more electricity you will get and the more money you can save.
A standard panel will produce 250 Watts of electricity.
250W by the number of panels will tell you the total when on full capacity.
Kilowatt hours, kWh, are the units by which utility companies charge for electricity.
To calculate the kilowatt hours generated multiply the above total by 90%.
The local utility company may also buy any surplus electricity from you, generating income from the system on the roof.
These calculations will tell you what the solar panels can do for your home and how to put it to good use.
They will also tell you how much money you could save.
Who Manufactured Them And Are They Under Warranty?
Get the name of the manufacturer and an instruction manual if possible.
Knowing who made the panels will be vital to solving any problems that may pop up down the road.
You may get the solution straight from the manual but knowing the manufacturer is a big help.
If the manufacturer is no longer in business, then find out why and who will service your system in the future.
Ask if there is a local service company, which will look after the system and when did they last come out to give the panels a good look over.
If the solar panels are under warranty, get all the details from the vendor.
You never know when you may need them.
Are They Any Good?
It may seem obvious but ask the question.
Do a little research. It shouldn’t take long but if you aren’t getting any answers, then dig a bit deeper.
Ask Google about the panels and see who has what to say about them.
Learn from the experience of others and discover what can go wrong.
You may find that people love the solar panels and have plenty of hints on how to run them properly.
Ask the real estate agent if the previous owners are happy with their panels and have they any helpful tips to get the best out of them.
Are The Solar Panels Under A Lease Agreement?
This little question can have far-reaching consequences.
If ownership of the solar panels comes with the home, then you will not have a problem.
When they are still under a lease agreement, you may need to think again.
The buyer assumes the lease upon purchase and doing so will require further credit checks.
Your mortgage provider will look at the agreed payments and if the lease obligations will put any strain on your ability to meet your monthly outgoings.
You could find that getting a mortgage isn’t as easy as you had hoped.
Buying out the lease may be an expensive option, especially at a time money is flowing out of your account, but it may be the best long-term solution.
You need to feel happy and secure when buying a new home
At Nation Wide Real Estate Executives we are here to support you on every step of that journey.
Call us today and see what we can do for you and your family.