Selling a home with a solar lease.
While many Phoenix homeowners understand the value of the savings and benefits of their solar, many potential home buyers will have reservations about taking over someone else’s solar lease payments in a home that they don’t fully understand how much the solar will cost them to run and operate. With the typical solar lease lasting 20 to 25 years, the reality is that the average homeowner in the Phoenix area only lives in a home for 7 to 10 years. Having a solar lease on the home guarantees that the average homeowner will need to sell their home and convince a potential buyer that the solar is a good deal for them too.
Quick Link: SolarCity Solar Lease Transfers
Phoenix home owners go into solar leases primarily because there is not a large upfront cost yet they are able to realize a nice monthly savings from their current electric bill. Instead of paying thousands of dollars for a solar system, they defer the upfront costs with a manageable monthly payment with the assumption that their new cost of electricity (new, lower electric bill plus the monthly solar lease payment) is less than what they are used to paying for electricity without solar.
However Arizona home buyers are generally hesitant to take over a $100 to $150 a month payment, especially when they are often told that they have to assume a solar lease in order to buy this house. Imagine looking at something and one of the first things said to you is that you have to incur an additional $150 a month debt to buy this home. I know my initial reaction is to be instantly turned off…how do I know it is a good deal? Is there really a monthly savings? Is this going to cost me more because someone else didn’t know how to negotiate a lease? These doubts are further compounded by a lack of marketing the benefits of the solar. For the majority of Phoenix solar homes that have leases, very little time and energy is spent focusing on the benefits and advantages of the solar but it will always be emphasized that the buyer is required to take over a payment. The only message that a potential home buyer hears is nothing about the benefits but everything about how they need to assume a lease payment.
I am not going into the marketing of a solar home in Phoenix that has a monthly solar lease, your real estate agent is the key to getting your home sold. There are many well qualified real estate agents out there that do a great job of marketing and negotiating the sale of a regular home; however, you do not have a regular home. It may look the same as the neighbors, you know, windows, doors, a roof on top, and plenty of attractive features and upgrades on the inside. Yet, those dark panels on your roof now pull your home out of the mix of the run-of-the-mill-everyday homes and into a unique category by itself. Be sure to hire a real estate agent (like the Solar Home Broker) that not only understands how to market and negotiate a home but also has a great solar marketing plan and experience in handling solar lease transfers. This one bit of advice alone can be the difference of thousands of dollars for if the buyer fails to recognize the benefits of your solar, they will either go look at the home down the street instead (and you are having to drop your price because no one wants to look at it) or they will lowball an offer because they are required to take over someone else’s mistake (their opinion, not mine).
Selling a Home with a Solar Lease: