Solar Panels – Does it bring home value

Solar Panels – Does it bring home value to your home when it comes time to sell.

Solar PanelsI have done some research on our MLS looking for homes that have sold since July with solar panels in the cities of Chino and Chino Hills. Last week I gave you stats showing the average home price selling for 98.7% and 97.4% of their original asking price. What I have found is homes sold with solar panels in Chino were 96.8% lower and in Chino Hills that number was 97.2%. Of the approximately 20 homes I found 80% had the solar systems paid for or would be paid at the close of escrow. For now, I think that this is going to be the norm when buyers are considering homes with solar. What we are learning as agents is there is no definitive answer for home owners positive or negative to their home values except for the obvious monthly savings in electrical costs.

As a buyer, considering a home with Solar panels may pose additional challenges for you. Many home owners have installed solar panels either by Purchase, Lease, or Rental. All 3 are secured with a deed to the property the units are paid in full. Buyers for the home will need to include in their debt to income ratio any monthly payment that is transferable at the close of escrow. They could include any HOA Fees, Mello Roos taxes, Solar leans, or any energy improvement purchased through the HERO program. Solar payments vary based on usage so make sure you get this information to you lender as quickly as possible so they can insure you can qualify to purchase the home.

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