Know your roof. Know the condition of your roof before you commit to installing solar panels. Find out how many years are left on your existing roof before it needs to be replaced. Learn who is responsible for the cost of taking down and reinstalling solar panels if your roof needs to be repaired. In addition, it is common practice to assess the structural integrity of your roof for its ability to support the additional weight of the solar panel installation.
What is your monthly electric bill? Home-based solar panels are more likely to have satisfying payback periods if your electric bills are high and you have a roof configuration that can take maximum advantage of the sun. If rooftop solar is not right for you, we offer a voluntary program for customers who want to purchase additional green power. No special equipment is needed.
To own or to lease? The solar leasing model is a new financial model that is unlike leasing a home or car. It’s important to understand the details because when you lease a solar system, you get to use the system, but the ownership may not be clear. Since the system is being attached to property that you own – your home – it’s a good idea to know who is ultimately going to own your system, especially since the lease duration is usually 20 years.
When leasing a rooftop solar system, incentives like tax credits and depreciation commonly go to the system owner, not the homeowner. As a homeowner, find out if you may have a lien placed on your property if the system is leased. That could complicate things if you decide to sell your property. Find out what will happen to the system at the end of your lease – will you buy it, have it removed or extend the lease? What are the costs in each scenario?
What happens when you sell? How likely are you to sell your home in the next 20 years? If you own your solar system, it may be considered an asset that will raise the value of your home. If the system is leased, the debt may count as a liability. Depending on your lease agreement, before you sell your home, you may have different options, such as paying off the remainder of the lease, leaving the system behind for the buyer to qualify for and assume, or paying someone to move the system with you.