Buying a house with solar panels – Checklist
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You might be interested: Also Read: What You Need to Know: Buying a House with Solar Panels?
□ Get copy of contract: lease, purchase, prepaid lease, purchase with financing etc
□ Get a copy of past 3 months’ utility bills
□ Get copy, if possible, of utility bills prior to solar installation
□ What utility plan is the home owner currently on and with whom?
□ Thoroughly read through and understand current utility bill: Does it have any net metering? Talk to the utility company to have them to explain the bill and the credits.
□ How long is the contract term?
□ Who maintains the panels? Who insures the panels?
□ Who repairs the panels and under what conditions?
□ What is the warranty on the panels?
□ What is the contact information of the transfer team? Who has been assigned to this specific home?
□ Get all contact information of the designated transfer team member who will assist you then transfer process.
□ Thoroughly read through the title commitment on the home. Is there any reference to a lien connected to the solar panels when it should be a UCC filing if leased? Be prepared to obtain language from the solar company to have any incorrect information removed from title.
□ Check to see if contract guarantees solar production.
□ Check to see if buyer’s lender is a direct underwriter and has option for holding with their underwriter.
□ Is the contract assignable again and again?
□ How big of a system is it? How many energy does it produce? (All in contract)
□ What is the monthly payment? Is there a yearly escalation clause?
□ What year, if leased, is the home owner in? When does the contract end?
□ What happen, per contract, at the end of the contract?
□ Is there a transfer fee? Is there a service call fee?
Swee Ng, Realtor and Phoenix East Valley resident specializing in win-win real estate transaction through great communication and fighting for his clients’ best interest. After all, this is more than real estates, this is about your life and your dreams.
If you are looking to buy or sell your home in Phoenix AZ and surrounding area, we hope you will consider us. Contact us today for complimentary consultation.
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