Click here for the guide to solar lease transfers – detailed step by step instructions, information on key documents
Throughout the Phoenix market, many real estate agents have unfounded objections and limited experience in helping home owners sell a home that has a solar lease. Often times these real estate agents spend their time trying dissuade someone despite the overwhelming evidence of how it could positively impact someone. The following paragraphs will illustrate many of the objections that we have heard and the reality that we see in the Phoenix real estate market.
1. Buyers cannot qualify for a solar lease because the credit score requirement is too high.
While it is true that some leases do require credit score requirements, many of these scores do not differ from the same requirement that the buyer will need to qualify for a home loan. Typically if they can qualify for a home loan, they can qualify for a lease. If you are worried that a potential buyer cannot qualify for the lease, wouldn’t you also be worried that they couldn’t qualify to buy your house also?
2. Buyers will not want to take over my lease payment of $XXX.
I have a hard time understanding this argument. If your electric bill was $400 a month before solar and after installing a solar leased system the electric bill is only $200 a month with a $100 a month lease payment, who would not want to save an additional $100 each month? Who doesn’t like to save money?
3. Solar leases do not add value to my property.
While it is true that someone that owns their solar system will benefit in an increase in value in their property, homes with a solar lease tend to sell faster than the average home in Phoenix. While not a tangible benefit, the beneficial value of a solar lease in Phoenix is less sales time. August 2014 sales statistics show that homes with a solar lease sell 24 percent faster than homes with a solar owned system and 27 percent faster than the average home in the Phoenix area (click here for the August 2014 solar home market data). In some cases, I have seen an increase in value on an appraisal because of the solar lease. While most appraisers will not count solar leased equipment as a fixture on the property, I have seen examples in the last year where they do add anywhere from a $1,500 to $3,000 in additional monetary value on some of those appraisals.
4. It is harder to sell a home with a solar lease than without one.
Depends. If you hire a real estate agent that does not understand the benefits or lacks the experience in selling a home with a solar lease, you will end up selling your home for less and over a longer period of time. The key to selling your home for top dollar is to hire someone, like the Solar Home Broker, that understands the benefits, can educate potential home buyers and buyer’s agents, and has the marketing strategies specifically designed for solar homes. If it is done right, the home can sell for the same amount of time (or less) without the hassle or complications that many unexperienced agents grumble about.
Call the Solar Home Broker at 480-888-1234 to set up a free, no-obligation appointment to discuss selling your solar home in Phoenix.