Are you planning on moving? Moving is stressful enough without having to worry about what you’re going to do with your solar panel system. Luckily there’s one Florida solar company that can make the process as easy as possible. The experts at Stop Solar have made it their mission to help you with a seamless transition to your new residence so you can continue reaping the benefits of your renewable energy investment. The following are 3 steps you can follow to help make the process of transferring your solar panel system as painless as possible.
Selling Your Home While Leasing Your Solar System
Whether you recently had your panels installed or you’ve had them for years, the decision to switch to solar power was still a worthwhile investment. If you have already decided to leave your system in place at your current residence, the new owner will need to either take over payments on your lease or make the necessary adjustments themselves to get back on the traditional electric grid.
If you are currently leasing your system and the new owner wants to take over payments, it is completely within your rights to agree to buy out the remainder of the lease or transfer the lease to the new owner of the property. If you buy out the lease, you have the choice of either taking the solar panels with you or selling them along with the home. If the new owner agrees to take on the lease, you can transfer the ownership to them provided they meet the criteria of the lease agreement. In Florida, this can include a minimum credit score the new owner will have to meet. This will need to be verified by a credit check from the solar company.
Selling Your Home With a Solar Loan
If your solar power system is in place through a non-secured loan, that is one that does not use your property as collateral for the loan, you can simply sell the home without paying it off immediately. Keep in mind that you’ll still have to pay the remainder of the loan, but since your property is not tied to the loan it’s much easier. One advantage to this is that since solar panel systems increase your property value, one can simply make up the difference with the increased value of your sale.
The 3 Steps to Transfer
- If leasing your panels – You can either buy them out or transfer to the new owner of the property.
- Check the new owners credit – If the new owner takes over the lease, they will have to meet the minimum credit requirement agreed upon in the initial deal.
- If the panels are on loan – You can sell the home and continue making payments or pay it off entirely and increase your property value in the process!
Moving is stressful, but transferring your solar panel system doesn’t have to be. The professionals at Stop Solar can answer any questions you may have about transferring your solar power system in Florida. Put your mind at ease and contact us today for more information!