image via Tesla.com
Car manufacturer Tesla is looking to drive sales with their new solar roof product, which offers a seamless blend of both solar and normal tiles. The company is hoping a beautiful solar roof will attract customers, especially those who consider the current “add-on” panel option clunky. In an effort to make solar roofs more appealing to homeowners, Tesla is planning to offer four types of shingles, which will better blend aesthetically with home styles. A lifetime “infinity” warranty is also catching people’s attention. Business Insider offered some great information on Tesla’s new product.
Forbes recently estimated the total cost of installing a new Tesla roof with Powerall battery at about $58,200. Wow, can you say sticker shock! So, maybe you aren’t going to get a new Tesla solar roof, but you are interested in more traditional solar panels. There are tax benefits and energy savings opportunities that are appealing to homeowners, but what about when it’s time to sell your home?
Go Brent Team agents discussed solar panels at our last team meeting. Here’s what was said:
- When considering a home with solar panels, buyers typically have questions regarding who owns the panels and how things will work when they purchase the property.
- Most buyers aren’t specifically looking for a home with panels; some may see them as a nice perk, others may not like the look of the panel and decide against a home because of it.
- Listing agents don’t feel that there’s a local sales track record demonstrating if the market sees solar panels as a plus or minus.
Marty Stanton, title attorney at KVS Title LLC, said they have begun dealing with more home sales that involve solar panels. “Solar panels are considered a fixture, meaning they convey with the home. When sellers own the solar panels, it’s straightforward, they convey and become the property of the new homeowner. The agreement to maintain the panels and the warranty for the panels are simply assigned to the new owner. He cautions buyers, “If the solar panels are leased, prospective buyers should request to review the lease agreement. Essentially, the panels will convey with the home but the new homeowner then becomes responsible for the terms and conditions of the lease, which may include the remaining balance for the panels.”
Stanton says a cost-benefit analysis can help buyers to determine if the panels will provide them with a real benefit. “Real estate agents can assist buyers to negotiate the panels’ lease as part of the home sale contract. If the buyer ultimately chooses to assume the lease, they’ll need to sign some additional documents at closing. It’s not complicated, but buyers should be aware they are entering into a legal agreement with a third-party and ensure they understand their legal and financial obligation.”
It will be interesting to see how Tesla influences the solar roof market. As more homeowners consider “green” options, this too will shape the local real estate market.
You can be assured that Go Brent Team is always working to keep up with the latest shifts in the real estate market. Whether you are considering solar panels or other home improvement options, we’re always available for free consults to discuss how decisions you make may affect your home’s value.