California has pledged to go green by 2023 with its new building code, all newer buildings will have electricity from renewable energy. Each of us has a responsibility to the environment and one way of doing it is taking a step towards sustainable energy. While most people want solar, they are either unaware of their options or just simply decide to wait, as they might sell. According to the National Renewable Energy Laboratory, homes with solar panels sell 20% faster and for 17% more than those without.
Most issues arise due to the lack of knowledge on the agent's and buyer's sides. Most homes going on the market have some green features and the Multiple Listing Service (MLS) has fields for these green features. An appraiser who has experience in appraising green homes will be able to appraise the home to its correct value.
In many cases having solar panels increases the home value. Having solar panels reduces your utility bills in the long run. Its easy and low maintenance and comes with tax savings and other rebates.
Of course, having owned panels makes selling a home much more straightforward. Most solar companies these days have a Power Purchase Plan (PPA). The difference between leasing and PPA is the PPA does not put a lien on the house. This PPA not only is at no cost to the owner but also is no hindrance to selling. While selling your home, at closing, you can use the funds to buy out your solar lease, which can be explained to you by your agent. Many would-be homeowners may be hesitant to take over a solar lease because they are unaware of the process or simply don't understand the value and $$ rebates solar can bring.
Some ways to tackle solar panels when selling your home are:
If you own the solar panels - Great! No issues
If you have a PPA- You can transfer your PPA to the new buyer
Most homeowners are thrilled with their decision to install solar make sure you keep all the documentation together; you will need it at the time of sale.
Sellers can help ensure they get full value for their solar investment by filling out the Green and Energy Efficient Addendum. And anyone can assess the added value of a solar installation at pvvalue.com.
The short- and long-term gains of installing solar are huge, more and more homes coming on the market have solar panels installed and all that is required is to educate the buyer and transfer solar leases on time, to help with a speedy closing.
All market transactions occur with a lot of trusts, getting a real estate professional who you can trust and is knowledgeable can go a long way in helping to take away buyer's mistrust.
I do hope this has been informative, please do write to me at jr.homesold@gmail.com for any further questions or contact me at 408-489-6812. I'm Jayshree Reddy and I'm a real estate specialist based in San Jose, California.
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I Live in San Jose. After a Long stint in Tech & Education moved to Real Estate in, Bay Area California.
I hope my expertise will come of help to you and you loved ones.
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Website: https://jayshreereddy.exprealty.com/
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