Getting a mortgage on a home with solar panels
Your mortgage application may have some additional complications if you’re buying a home with solar panels.
Mainly, your lender will be concerned if you can afford to cover lease payments for the system (if you won’t own them outright) in addition to all your other debts and financial responsibilities.
“Buyers interested in a home with solar panels have to make sure they qualify for and can afford the remaining payment on the panels,” Akhtar says. “This could be a lien or lease item, and that information has to be relayed to the lender to see if the prospective buyers qualify for the remaining payments. Sometimes contracts on the panels can be transferred over, and other times, new contracts have to be drafted. Every company is different, and the current price may not stay the same for a new buyer as things like personal credit rating are taken into consideration.”
The bottom line on buying a house with solar panels
Buying a home with solar panels can save you money on your utility bills while improving the environment. However, every solar panel system is different – with different output guarantees, leasing arrangements and other considerations. It can complicate your financing and your closing. Do your research to make sure you understand what’s on your roof — to ensure the panels provide a positive experience for your life and your bankbook, as well as for the planet.
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