As more residents adopt solar technology, it’s more likely you’ll encounter them in your real estate business. Your buyer and seller clients may have questions, and previous clients may contact you about real estate implications when considering installing an array.
Either you will need to know the answers, or you’ll need to know someone who does.
Read the July issue of Texas REALTOR® magazine to learn the basics about solar panels and how they can affect your transactions.
My electric bills are lower.
This article doesn’t mention possible issues with home owners insurance for homes with solar panels. Has anyone had any experience with trying to get home owners insurance for solar paneled homes?
I got 27 solar panels on my home in 2019 and I own them (not leasing). I called my insurance agent and was told to add the cost of the solar panels to the amount the home was insured for. I do NOT have any experience with filing a homeowners insurance claim with solar panels. My panels are guaranteed by the manufacturer for 20 years and I was told by the solar panel company to call them to remove and replace the panels if/when I got a new roof.
I have 50 solar panels on my house that I own. Had a roof hail damage claim and had no problems with the insurance company (USAA). They even paid to have the panels removed and re-installed after the new roof was complete.
I have solar and most insurance companies will not cover my house.
I have 42 panels and they were installed in 2018. I told my insurance company and they said it adds an extra protection on your roof which adds value to you. My insurance did not go up at ALL! 25 year warranty on panels. Go to your appraisal district and also fill out the forms for solar.
I have also heard of issues of transference with solar panels when they are not owned by the homeowner being an issue.
That’s correct. Like when someone has spent $40,000 on solar panels on the roof and they still have a balance and they decide to sell the house, it becomes quite a mess when the seller has to pay off the solar panels, and they don’t have that much equity.
I’m representing a seller who purchased solar panels 3 years ago and has a rather large loan balance to pay off when he sells the house therefore we are advertising that the buyer is required to assume the balance at closing to transfer the solar certificate or negotiate it with a potential buyer
Any other advise you can recommend to insure a successful sale and closing