Some people may be under the impression that solar is one of those things that requires a large investment and should only be installed on your “forever home.” That used to be the case but solar efficiency has gone up, solar prices have declined, and government incentives have driven the price down.
Years ago, there weren’t many finance options. You had the choice between buying an expensive system cash or expensive finance terms with a large sum down. Now homeowners have the option to buy the system cash, take out a low interest $0 upfront loan, or opt into a power purchase agreement or solar lease. Because solar finance offerings have been diversified, solar is now affordable to homeowners in every financial category, including low income.
If you have solar installed on your home and decide to move it’s not a problem. The only time it becomes an issue, is if you have a solar lease that carries a lien on your property. In that situation you would have to pay off the lien in order to sell your home. This was common in the early solar leases but liens have been eliminated from most solar leases now. Cascade Power’s solar packages will never carry a lien on the home’s title.
If you purchased a solar system outright, whether or not you have been in the home long enough to get a return on your investment. You will be able to get some added equity based on the value the solar system provides to the home. A study conducted by Berkeley University showed that homes with solar sold for more and quicker (Link to Berkley study). The average homeowner in California will generally see a return on their investment within 6 years. If you’re planning on being in your home long term, It’s an investment that is guaranteed to pay you back. When you move there will be the added value in the home.
If you chose a solar loan and decide to sell your home, you may have multiple options based on the finance company. Every finance company is going to allow the homeowner to payoff the solar system and get some equity back when they sell. At Cascade Power, we offer a loan that is transferable when you move. So the new homeowner would agree to take on less expensive loan payments monthly rather than pay the utility prices.
Having a purchased solar system on your home is a huge plus when you selling your home. Potential home buyers are going to value solar, just like you did when you decided to make the switch. Our customers at Cascade Power are so pleased with the smooth moving process, that they call us to get it on their next home.
A solar PPA or power purchase agreement is the easiest option to transfer when moving to a new home. There are no liens or financial obligations tied to the homeowner. The new homeowner is grandfathered into the program and enjoys buying more affordable solar energy. If that homeowner would rather own the solar system, they have the option to buy it. This is unique to a PPA which gives homeowners flexibility when moving. You don’t get these same options with solar leases.
At Cascade Power, when you move and have a power purchase agreement on your home. You will get a designated transfer specialist who knows the ins and outs of your agreement. They will be available to speak to real estate agents and potential buyers to ensure the moving process is an easy one. Moving can be stressful, but transferring your solar system doesn’t have to be.
A Solar leases would transfer similarly to the PPA transfer. The next homeowner would be grandfathered into the lease and buying more affordable solar power. The new homeowner would not have the option to buy the system. They would have to assume the lease. Most solar companies don’t have a lien with their leases, but it’s something to watch out for. At Cascade Power, we don’t have a lien with any of our leases.
Our solar customers who have solar leases don’t run into problems selling their homes. Solar is a huge benefit to any home and is always seen as a major home upgrade. One thing that we can guarantee you is that you won’t be stuck with your home unable to sell it because it has solar on it, no matter what finance option you chose. California is shifting to 100% renewable energy. In the near future, most homes in California will have solar.
You don’t need to be in your long term home to enjoy the benefits of solar. For homeowners who are unsure of how long they will be in their home, we recommend a power purchase agreement. This leaves the door open to the next homeowner if they would like to own the system or buy less expensive power.
This is the same option home buyers have when buying a newly built home with solar on it. With most home builders, when you buy their solar powered home. You’re given the option to buy the power the solar creates or buy the solar system. All new homes in California are mandated to be built with solar panels, so this will be the norm when buying a new home. Homes with solar PPAs will give incoming homeowners the same options as homeowners who buy a new home with solar on it, either buy the system or buy the power. It’s never been easier to save with solar, and Cascade Power has simplified the process.
To get an energy assessment to see if solar could benefit you click here.