Here’s what homeowners should know about adding solar power.
Solar power is a very hot topic here in Las Vegas. You can see solar panels popping up on more rooftops every day—not just with residential houses, but with commercial properties as well. Builders are even including solar power as an option for new construction properties.
Thus, one question I’m getting asked quite often is: How do solar panels affect home sales? The answer depends on a couple of factors.
First of all, is the solar system of the home in question leased or paid off outright? If it’s on a lease, the buyer would have to assume that lease once they take possession of the home. In this way, having a leased system is only an incentive if the buyer is willing to assume the lease’s terms, and they have to qualify to assume the loan before purchasing. The lease can also be paid off in full by either party before closing.
If you’re curious about adding a solar system to your house, there are a few things you can expect from the purchasing process. First, whichever solar company you buy from will first ask to see your power bill so they can calculate your annual energy usage and determine how many panels you qualify to have installed. They don’t want your house to produce more energy than it uses.
Whichever solar company you buy from will first ask to see your power bill so they can calculate your annual energy usage and determine how many panels you qualify to have installed. Obviously, they don’t want your house to produce more energy than it uses.
After that, they’ll take a quick look at your house (probably via Google Earth). Ideally, they’ll want a south-facing roof to install your panels on. Roofs with multiple levels are less than ideal because they make your system more expensive to build and less efficient to operate.
Once you go solar, you’ll still have a Nevada energy account because you’ll still be connected to the power grid. During the winter, when we use less energy, you’ll build a surplus of energy for your account that goes back to the power grid. Then during the summer when we use more energy due to air conditioning, you can draw from the surplus you created during the winter. If you have any energy left at the end of the year, you’ll receive a credit for it that’s referred to as ‘net metering.’
There are also tax incentives involved in buying solar systems. If you bought and installed a system in 2020, you’d get a tax credit that’s equal to 26% of the cost of that system. For example, if your solar system costs $30,000, you’d receive a tax credit of $7,800.
If you have more questions about how solar power affects a home sale or any general real estate concerns, please reach out via phone or email. I'm always happy to chat with you.