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The Caren Team, Goodyear AZ real estate agents Matt & Shalin Caren have been helping Phoenix area residents find their dream home since 2011. While energy conscious home owners have installed solar panels, they warn that if you are looking for a home be careful if the solar panels are leased or financed.
After purchasing a home, many homeowner’s have intentions of adding solar panels to their home to save money on future utility costs and add value to the home itself. This can be a red flag when looking at your next home. “We are here to let those soon-to-be buyers and current homeowners know that in just about every case we’ve come across, adding solar to a home doesn’t accomplish either of those goals and can more often have adverse effects on both utility bills and a home’s resale value.” Said Shalin Caren of the Caren Team the Goodyear AZ realtor.
One mistake many buyers tend to make is opting to lease or finance solar panels before living in the home for a full 12 months. Without knowing what your average utility costs will be for a full year, you won’t be able to know if the monthly lease or finance payments will in fact save you money of just end up having you pay the same amount (or more) to the solar company or the bank instead of your electric company.
“In most cases, we find that the monthly payment for solar panels ends up being right around the same amount as an electric bill would have been which means you won’t be saving any money on a monthly basis by adding leased or financed solar.” Shalin added “With that benefit being taken away, some homeowners say they want to increase their home’s value by adding solar, and that would be a fine idea if that were true. The reality is, buyers shy away from homes for sale in Goodyear AZ that have solar panels that are not owned outright by the seller because they do not want to have one more monthly payment added to their bills in addition to the their new mortgage, taxes, insurance, HOA’s and future repair costs.”
Matt Caren of the Caren Team added ”We currently have a client who is wanting to sell his home that he added solar panels to earlier this year for a total cost of $29,000 and the solar company told him the costs to have them moved to his new home would be approximately $23,000.”
For those homeowners who can and want to add solar and pay for the panels outright, this is a better option when it comes time to sell, but plan to get a return on your solar investment of around 40% of the total cost you paid for the panels.
The Caren team believes that home sales process can and should be an enjoyable and rewarding experience for all parties involved. Ensuring that our clients have a positive experience from start to finish, and even after closing is always at the forefront of our agent’s focus each step along the way. To reach them whether buying or selling your home visit them at https://thecarenteam.com or call (602) 777-6683
Release ID: 412837