Lauren Bunting Broker MD & DE

Advantages of solar systems

Friday, July 26, 2024, Lauren Bunting

Solar panels on a home can be a great selling advantage, one that provides very affordable utility bills.

This type of technology is called a solar photovoltaic, or PV, panel system, or solar system. Solar systems may include all components, solar panels, inverters, charge controllers, batteries, battery charge controller, backup generator, solar array disconnect, power meter, power converter and cables, if applicable, that are presently in place on the property.

But, the finances of a solar system can be complicated so full disclosure on the system and any remaining loan payments, lease payments, transfer fees, or warranties should be fully disclosed when a property is listed.

The financial status of a solar system can be any of the following:

• Owned by seller free and clear (not subject to an existing lease, power purchase agreement or loan

• Subject to an existing lease agreement, power purchase agreement (PPA) or financed by an unpaid loan

An agreement in the contract of sale needs to be specified as to who will be paying for any remaining balance left on a solar loan, or whether an existing lease agreement needs to be assumed by the buyer. This is a negotiable element of a contract of sale, so it is possible that the seller pays off the solar system financing or buy outs/pre pays the remainder of the solar system lease or PPA and shall include the solar system as part of the sale of the property and convey the system to the buyer at closing.

The other option is the seller can require that the buyer pay any remaining loans or lease agreements. But, it is important that the seller delivers to the buyer the most recent version of the solar system lease, PPA, or solar system financing and all of the solar system documents along with the contact information to the solar system company or loan servicer, as the new buyer will need to obtain approval to assume the lease or loan. This process can be time consuming, so starting this early in the sale process is essential.

Buyers can also impose a buyer review period or due diligence to give them time to review the documents and terms of the solar system. This is the timeframe when the buyer can review the costs, insurability, operation and/or value of the solar system. This may include, but is not limited to: age, maintenance, solar company or loan servicer fees, end of lease terms, output and production guarantees, utility bills, grid tie-in, payment increases, warranties, homeowner’s insurance coverage, and taxes.

Lauren Bunting is a Broker with Keller Williams Realty of Delmarva in Ocean City, Maryland.

Go Back

Thank you so much for all of your hard work. We are so excited to move into the perfect house for us, and couldn't have done it without your guidance.

Megan and Brandon Cater

My friend was right, you are the hardest working realtor, bar none. I honestly don't think that I would have gotten through this house selling process without you.

Brenda Burbage

Lauren made first time homebuying extremely approachable, and took the time to educate me on everything involved in the process.

Amanda Hanke and Keri Swigert

Thank you for all of your hard work and dedication that made this purchase possible. You advocate for your clients and I highly regard you for it. You made it possible for me and my family to achieve our goal of homeownership.

Tom Harutyunyan

Thank you so much for the very wonderful, professional job you did with selling our property. You will always be special to me.

Penny Carley

We want to say a sincere "Thank You" for all you've done for us! We know at times the road seemed never ending. Thank you for always staying positive even through our ups and downs of this process. We appreciate all you do!

Mike and Patty Locke

Lauren's extensive knowledge of the local real estate market proved to be invaluable during the purchase of our first home.

Allison Shockley and Patrick Molloy

Lauren is very easy to work with. She has helped me sell and buy homes in the area and has always been hard working and professional.

Jennifer K. Leggour

Lauren went through tremendous lengths to look out for us every step of the way all the way to the very end. If you are in need of a real estate agent who will treat your transaction as if it were their own and provide you with nothing less than A+ service you will be in good hands with Lauren.

Shireen and Mark Ambush

We were referred to Lauren by a good friend, and we couldn’t have been placed in better hands. Lauren went above and beyond in every way, throughout the entire process.

Liz Young

Lauren Bunting was our realtor when we recently sold two homes- one in Maryland and the other one in Delaware. To say we were very satisfied with all she did for us is an understatement!

Janet and Bruce Lathbury

MLS Disclaimer


Top
Contact Me
Realtor logo   Equal Housing Opportunity logo