What Happens if I Move? Here’s How to Transfer Your Solar Service in 3 Steps
Do you have solar installed on your house, but are looking to move or relocate? When a homeowner with solar makes the decision to sell their home, it is rare the solar panel system is not included in the sale. According to a study done by the Lawrence Berkeley National Laboratory, homebuyers are willing to pay on average $15,000 more for homes with solar systems installed, and homes with solar systems have been proven to sell 20% faster than homes without.
Similar to how the home must be transferred between owners and buyers, solar energy systems must be transferred and the process of doing so is a bit different. With a company like Blue Raven Solar to help you along the way, transferring your solar service when you move can be simple. Here are three steps to follow:
Step 1: Evaluate the Value of Your Solar Panel System
Before you put your home up for sale, it is important to know the value of the entire property, including the customized solar panel system installed. Unfortunately, some home appraisers choose to ignore rooftop renewable energy systems.
Several factors are used to determine your system’s worth, including the original cost, the age, and the amount of power it produces. Tools like PVValue can help you estimate the value of your solar panel system on your own. From there, you can more accurately calculate the total value of your home including the PV system.
It may also be helpful to consult a solar professional to understand the value of the system and how it can decrease over time. Although expected to last over 25 years, monocrystalline solar panels are consistently exposed, which can result in wear and tear and decreased efficiency.
Including the solar panel system in the home sale may require information on the system’s specifications, warranties, and maintenance requirements. This ensures the new homeowner has all the information to take care of the system moving forward.
Step 2: Notify the Solar Installation Company
Before transferring ownership of the solar system, notify the solar installation company who originally installed the system.
This is a straightforward process with Blue Raven Solar – the new homeowner will need to send an email to our Support team with new proof of ownership, then we will update the account with their name, email address, and phone number. Once updated and verified, all warranties and/or maintenance agreements are officially transferred to the new homeowner. Our solar experts can also provide detailed information on the system’s production, operation, and past maintenance requests should the new owner have questions.
Step 3: Transfer Ownership of the Solar System
Once the sale of the home and solar system is complete, the transfer of ownership must be properly documented. This may require legal documentation, such as a bill of sale or transfer of ownership form, to ensure the new homeowner is properly registered as the owner of the solar panel system. The new homeowner will need to check with the lender to certify no extra steps need to be taken. With a Blue Raven Solar system, we recommend reaching out to GoodLeap or SunPower Financial. You can find the contact information on their respective websites.
Any remaining loan payments will likely be covered by the sale of the home, so there will be no need to transfer the loan responsibilities. However, ensure it is written in the contract, so you do not have to worry about transferring ownership.
Additionally, you may need to update permits or licenses associated with the solar system to reflect new ownership. This could require working with local municipal authorities and your solar installation company to ensure all necessary paperwork is submitted and completed. If you are unaware of your city’s solar panel requirements, you can check with our Permitting team, and they can help you navigate the next steps.
Solar Experts Can Help
Work with a solar installer and lender who can help you through the solar panel transferring process. Blue Raven Solar’s teams are well-versed in the solar process from start to finish, with strong partnerships with GoodLeap and SunPower Financial to assist with any financing questions or concerns. We will be there throughout your system’s operation and the lifespan of the system.
Whether you are buying or selling a home, a properly functioning and well-maintained solar system can provide cost savings on monthly energy bills and energy independence.
Contact us to learn more today!