Solar Panels

Solar Panels Can Make or Break the Deal

There is no doubt that solar panels can increase a home’s value. Residential Solar Panels gain more and more popularity every year. According to the Solar Energy Industries Association, residential solar installations have been rising 50% a year since 2012. That’s a lot of solar panels!

Solar panels are great! Who wouldn’t want to have solar panels on their home and save lots of money on electric bills? The problem is many residential solar systems are leased from the solar company. This means there are no upfront costs to the homeowner and they start saving on electricity bills immediately. Not a bad deal, unless you are planning on selling your house anytime soon.

Potential home buyers of a home with leased solar panels typically need to qualify on credit to the solar companies themselves which can present a problem for some buyers. Buyers are also weary of signing on to a leasing payment contract that could last 15-17 years. Who knows, solar panels could be obsolete in 15 years?

There have been cases where buyers have refused to buy unless the seller agrees to buy out the remaining lease payment stream which can cost $15,000 or more.

On Maui the largest solar companies are Haleakala Solar and Rising Sun Solar. Both offer unique financing options.