DON'T BUY SOLAR PANELS...IF
90% of the time the answer is NOOO, NO, NO! Unless you plan on staying in the home for over 10 years. Most owners install solar panels because the sales rep tells you it will make your home more valuable. Unfortunate truth is, the value is not dollar for dollar, example, if you spent $30K on solar panels, it will not make your home worth $50K more, it wont even make your home work $30K more! An appraiser might give an extra $8K-$15K more on an appraisal for solar. Most owners install their solar, then move a few years later, having a hefty balance still on the panels to pay off. When you sale your home those have to be paid off or the new buyer has to be willing to assume your loan on the panels. This not only has to be approved through the new buyers lender, the new buyer has to agree to this, which I have NEVER had a buyer agree to assume the expense. Ultimately, the seller ends up paying the solar panels off at closing. Maybe they had $100K equity in their home, solar panel pay off is $28K...instead of the seller walking away with $100K equity, they only walk away with $72K and saved maybe $5K on their electric bill while owning the panels for such a short time. Before you install the panels as your self, am I planning on staying here for the duration of the solar panel loan? Will I be selling the house within the next few years? Will be financial short term savings on electric bill be worth it if I end up paying it off in order to sell? Before you install reach out to a local realtor or appraiser and see if it is worth the expense or not.