Don’t Waste Thousands of Dollars On Unanticipated Expenses
As solar power becomes increasingly inexpensive and popular, more home buyers are opting for a house that is already equipped with solar panels or choosing to install them after purchasing their home. What some buyers don’t realize is that there can be a big financial difference between the two options—and several potential hidden costs to be aware of.
Below, we explain everything you should consider when making that choice. We also dive into how you can save thousands of dollars with Reeco, the eco-friendly real estate brokerage, by receiving a complimentary solar power system and free electricity.
Hidden Costs of Buying a Solar-Powered Home (With an Existing Solar Power System)
- Taking over the homeowner’s solar panel lease or PPA
Not all homeowners buy their solar power system outright. In many cases, they actually lease the solar panels from a solar power company and pay a monthly premium to use the equipment, though typically the price is the same no matter how much energy is used. Leasing periods can last up to 20 years or more, at which point homeowners typically have the option to buy their leased system.
Another option is a power purchase agreement, or a PPA, which enables homeowners to pay for the energy they use (per kilowatt hour) rather than the equipment.
In both cases, homeowners pay a monthly fee to utilize their solar power systems… and if they haven’t fulfilled the entirety of their lease by the time they sell to you, you will be required to take over the lease. For a lot of home buyers, this additional cost is often a surprise and can be prohibitively expensive.
- Higher home price (if the home sellers own the solar panels)
What about if the home sellers own the solar panels on their home? This can also lead to unanticipated costs for home buyers because sellers usually demand a higher asking price to cover the cost of the solar power system. In general, solar-powered homes sell for 9% more than traditional homes without solar-powered systems—which is great for home sellers, but not necessarily wonderful when you are the one buying.
- Responsibility for damages
If you take over the home seller’s solar panel lease and the panels damage your roof in the future, you may be on the hook for the cost of damages. It all depends on the terms of the lease, which you won’t have control over after assuming responsibility from the previous owner after purchasing the home.
Benefits of Purchasing a Home And Then Adding a Free Solar Power System Afterward
When purchasing a home with Reeco, you receive a complimentary solar power system and free electricity for the life of your system (Reeco and the solar power system manufacturer guarantee performance of the solar power panels for 20-30 years!). This means that you experience the following benefits, financial perks, and cost savings.
- A complimentary solar power system worth thousands of dollars
The average solar power system can cost tens of thousands of dollars, even with incentives from federal and local governments. This means that when you buy a home through Reeco and get a complimentary solar power system on your new home, you immediately receive a valuable appliance that you may not otherwise have been able to afford.
This is great news for your home’s value. Research shows that homes with solar power systems sell 20% faster and for 9% more than traditional houses without solar—great news for when you decide to sell in the future!
- Free electricity every month—possibly enough to cover your entire electricity bill!
Your free solar power system will start paying you back from the day you move in. Every month, you will receive free electricity, possibly enough to cover your electricity bill altogether! Production depends on factors like the size of your system and weather patterns but on average, Orange County homeowners save $101 per month or $1,212 per year on their electricity bills!
Find Out Exactly How Much You Would Save—Try Our Free Solar Savings Calculator!
Keep in mind that because you don’t pay anything for the solar power system (Reeco provides it to you for free, just for being our client), all of this money is essentially profit for you!
- Extra cash from reselling surplus electricity to the grid
Should your complimentary solar power system produce more electricity than you use, you can sell this surplus back to the grid and earn money that can go toward a vacation fund, student loans, or your mortgage. It is just one additional perk to already receiving free electricity every month!
- Subtly convincing your neighbors to go solar as well
Having a solar system on your home makes your neighbors nearly 50% more likely to go solar as well. Who knew that by buying your home through Reeco and receiving a free solar power system, you could subtly influence your neighbors to be more environmentally-friendly and financially conscious as well?
- Saving the environment
Last but not least, partnering with Reeco to purchase a home without a solar power system and then receiving complimentary solar ensures that there is one more home out there producing clean energy. Solar power is a clean, renewable energy source that has dozens of eco-friendly effects! On average, an eco-friendly homeowner in Orange County who worked with Reeco will (every year):
- Save 27 trees from being cut down
- Stop 10,530 pounds of carbon dioxide from entering the atmosphere
- Preserve 4.1 barrels of oil
- Prevent the equivalent of 4,111 miles of automobile pollution
Making An Informed Decision For Your Dream Home
Due to the information above, when buyers are faced with the option to purchase a house that is already solar-powered or buy a home and then receive a complimentary solar power system, we typically recommend that they pursue the latter option. It can be a much more financially stable decision and one with great environmental benefits as well—ideal for any type of home buyer, but particularly first-time owners who have the opportunity to take advantage of their long-term investment.
We are happy to discuss what is best for your particular situation and how to find your dream home. Call 877-967-3326 or click below to reach an agent directly with your questions or concerns about purchasing an eco-friendly home!