Selling a home with a solar lease can be a process, finding the right buyer, qualifying them, and finalizing the deal. Adding leased solar panels to the equation can complicate things even more if your realtor isn’t an experienced solar broker with a history of managing and transferring solar leases. At Solar Home Specialists in Arizona, we have years of experience buying and selling solar real estate with existing leases that require knowledge of the solar industry. Most realtors in the valley have knowledge about buying and selling homes, but once you add a solar lease transfer into the picture they really don’t know how to navigate the complexity of the lease.
Some solar leases are locked in at 10-20 years. That can be pricey if the system is large. Another problem that can surface with a lease are escalating payments. This creates a unique situation for both the buyer and the seller. Most buyers won’t want to buy into an escalating lease. If qualifying for the solar lease begins to raise your debt-to-income ratio, there may be additional issues qualifying for the home loan.
Buying and selling a home is stressful enough, and when you are not properly educated and informed about solar leases it can feel even more stressful. This doesn’t have to be the case though. With an expert solar leasing specialist acting as your realtor you can feel confident that the home you are buying, or the home you are selling is valued properly and the lease transfer is a smooth and efficient transaction.
When you buy a home with solar panels already installed, you benefit from all the perks of going solar without dealing with the hassle of the sales process and installation. Another thing to consider when buying a home with solar is whether or not they own or lease the panels. That becomes a very different conversation if the panels were purchased by the homeowner. If that is the case, there will be no lease transfer and the property can be sold as is.
Transferring a solar lease in Arizona can be a time-consuming process and a lot of it has to do with the leasing company you are working with. Just like with the home itself, the home buyer will need to have their credit qualified and confirmed before the leasing company will transfer the lease. This is an extra step of credit checks and qualifications that can seem daunting if your realtor doesn’t have experience transferring solar leases. Our team at Solar Home Specialists have years of experience managing solar lease transfers.
There are typically three things that will need to be done for a successful solar lease transfer in Arizona.
1. The seller and the buyer need to agree upon the transfer terms and sign off to initiate the process.
2. The buyer must meet minimum credit requirements to get approved. Once approved the buyer can take over the lease.
3. After the home has closed, most solar leasing companies require proof of ownership. Sending a copy of the title is usually enough.
Homeowners in Arizona that are selling homes with solar panels already are familiar with the solar system and how it works. If you are not yet familiar with how a residential solar system in Arizona is designed to operate you can read more about converting your home to solar and what you can expect from the leased equipment. Once a solar homeowner sells a home and moves into their new place, they begin to notice the energy bills seem higher than what they were used to. Our team of experienced solar specialists can help you find a new solar plan to facilitate your energy needs.