Do solar panels help or hinder home sales in Texas? Let’s discuss.
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The state of Texas is a leading force when it comes to implementing alternative, renewable energy sources—especially wind energy, which we use more of than any other state in the union. And yet, we remain slow to embrace rooftop solar deployment.
Despite our abundance of sunshine, solar power accounts for less than 1% of all electricity generated by states’ utilities. Texas underutilizes residential solar energy, but we still lead the way in this category for three key reasons:
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All but two states require power companies to buy surplus power from you—Texas is one of the two.
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By comparison, electricity in Texas is just plain cheap.
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Given the amount of hail we receive each year, Texans are concerned with the overall durability and maintenance of rooftop solar panels.
Despite its advantages, residential solar energy is still relatively new to Texas, which can present challenges when selling your solar-equipped home. Here are a few tips and points to be aware of before you do:
First, never assume that solar panels automatically add to your home’s resale value. Solar panels are an attractive feature for certain buyers, but because it’s a niche market, having them doesn’t inherently add value. Because solar panels can’t be included in the mortgage, a buyer who’s willing to pay more for your home just because you have them would have to come up with the difference in cash at closing.
“AS TIME GOES BY, SOLAR POWER WILL INCREASINGLY GAIN TRACTION IN NEIGHBORHOODS ACROSS TEXAS.”
If you’re leasing your solar panels, this can further complicate things: You’ll have to break your lease with the solar panel company and will be required to pay off your remaining balance. And while you’ll have the option to take your panels with you to your next home, the costs associated with removing them and repairing your current home’s roof can add up quickly.
The easiest and best option is to see if you can transfer the existing lease over to the new buyer. Some buyers don’t like the idea of taking on such a commitment, though, so don’t be surprised if yours says no.
In my view, renewable, clean energy is our future, and I’m sure as time goes by, solar power will increasingly gain traction in neighborhoods across Texas. If you have any questions about selling or purchasing a home with solar panels or about real estate in general, don’t hesitate to call me at 972-984-0511 or send me an email at Anastasia@Ebby.com. I hope to hear from you soon!
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