A rooftop solar photovoltaic (PV) system is a long-term investment in your property: that the typical warranty on a solar PV panels is 20 to 25 years. And can do a lot over the course of two decades, including change your address. So what happens to that solar home energy system when you sell your house?
The short answer is that it stays with the house. And, depending on the market, your solar home may well sell at a premium compared to non-solar homes. In October of last year, for instance, the National Renewable Energy Laboratory (NREL) published a study showing that solar homes in San Diego typically sell for 15 percent to 20 percent more than homes without rooftop solar systems.
Why the premium for solar? Well, the monthly cost of owning a solar home is lower than owning a non-solar home. This means more money is available for things like, oh, your mortgage payment. Plus, if electricity prices increase, the solar panel owner’s savings increase, too. This is because a portion of their electricity usage will be locked into a fixed power rate.
If you’re in the market to buy a home, don’t let the higher price of a home with a rooftop solar system discourage you. You’re getting all of the aforementioned benefits and you can apply for an energy efficient mortgage, a program made possible by the U.S. Department of Housing and Urban Development. The mortgage can be as much as 20,000 more than a mortgage for a home without a solar PV energy system.