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Buying A Home with Existing Solar Lease
Buying A Home with Existing Solar Lease
Buying a new home is an exciting prospect but it can also be a daunting task. With so many things to consider like location, size, homeowner association fees, taxes, and many others, it can be quite a task!
But what if you finally find the right home for you and your family but it as a solar system installed? And what if it’s a solar lease that needs to be transferred to you? How’d you feel about it?
Well, a house that comes with a solar system is great, don’t think otherwise! And if the solar lease is a potential dealbreaker, think about it this way, if both you, the buyer, and the seller, play your parts well, there’ll be no problem transferring the lease!
Naturally, you’ll take over the lease contract of the solar system in your newly-acquired home. Part of this process involves the solar provided running a credit check and identity verification on you.
Here’s a pro tip: request a copy of the lease contract from the seller as well as a couple of electricity bill to help you understand everything you need to know before taking over.
From the seller’s side, there will some tasks they need to accomplish. One of them is to pay a fee for the termination and refiling of the UCC filings. The seller also needs to do some paperwork for the Escrow package including important documents on UCC and lease. Your realtor should be able to help you with understanding all of this.
The seller should be able to fulfill all these tasks in 30 days so you wouldn’t have to wait that long. Some solar company providers usually assist to expedite this process for you.
You have an option to outright buy the system if the lease isn’t an option for you. Some homeowners prefer this as it decreases the investment you spend and you will own all the energy you produce while helping you see lower electricity bills.
Canceling a lease or having the solar panels removed are unfortunately often not an option. Talk to the solar provider if they’d allow it.
But look at it this way, a solar-powered home will help you save money and generate cleaner electricity from day one. It will also help you save the trouble from contacting installers and waiting for installation before moving in.
Book a free consultation with us to know more about your options!
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Copyright @ Top Solar Broker 2021
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Copyright @ Top Solar Broker 2021
All Rights Reserved
