The freedom from utility bills and fossil fuel reliance is a great feeling when you go solar on your home. Whether you always intended on selling your home down the road or not, now that you’re faced with the prospects of moving, how do you transfer a solar lease? And can you easily buy another home with solar panels to continue reaping the benefits? Continue reading to find out some useful information on both, and about solar companies in Tampa that can help you. SEM Power services all of Florida to help homeowners and businesses achieve sustainable energy and a brighter future.
Depending on your family’s needs, it can be quite difficult finding the right house. Selecting the right neighborhood, right schools, right commute, right house size and lot can all be highly stressful. Finding a home with solar energy is always a plus, but that can oftentimes be difficult in discovering all those home factors rolled into one. And if you do happen to find the perfect home but it comes with a solar lease, what are the steps beyond that? Is it an easy process to acquire the lease and get solar again?
Transfer A Solar Lease
Whether you are buying or selling a home with a solar lease, there are conditions that each of you must make to seal the deal. If you are buying a home with an existing solar lease, essentially you will be taking over responsibility of the lease contract and payment as the new homeowner for whatever length of time the solar lease has left. The solar provider will most likely check your credit score and verify your identity as part of this transfer process. If you don’t feel like you want to take over the solar lease, you can always look into buying the system outright instead. This would entail making a lump sum payment on top of all the other home buying costs, but then the solar panels and system would all be yours, and there’s no additional leases under your name or necessary payments to make. Many long-term homebuyers prefer this method overall as you will own all the energy you produce and the total investment of the solar system will increase. You won’t be able to do anything else when it comes to buying a home with a solar lease. You can’t cancel a lease or have the panels removed as potential options. You can check with the solar companies in Tampa, though, as every company handles these situations differently, and may offer you other options.
If you are the seller with the solar lease on your home, you will have to complete a few tasks before the deal is done. You will need to terminate and refile the UCC filings, which allows the solar company who owns the solar panel system to notify creditors about a debtor’s assets used as collateral for the purchase. You will need to pay a fee for these UCC filings and also fill out additional paperwork as part of the Escrow package, including documentation of the terminated UCC filings, and an assessment of the lease. You should allow around 30 days notice to your solar provider in order to get all these documents completed and make sure everything is square before any new homeowners come onboard.
Make Sure You’re Covered
As a buyer going into a home already equipped with a solar lease, it does make the process a lot easier for you if you were already considering going solar. You don’t have to research solar companies in Tampa, receive quotes, pick the company and wait for the installation. You will be moving in and ready to start utilizing solar energy from day one. It is a good idea though that before purchasing the home, you request the last six to nine months of electricity bills from the seller to see what they were paying and whether the solar will truly benefit you and your family’s needs. Ask for a copy of the solar lease as well, to make sure you understand the terms and conditions if you seek to keep the lease after buying the home.
Are you still trying to figure out how to transfer a solar lease and need guidance? SEM Power can assist you through all parts of the solar system process, from start to finish. We’ve been helping Florida get sustainable and independent energy usage for years. Call us today!