What Happens to My Solar Panels if I Sell My Home?

What Happens to My Solar Panels if I Sell My Home?

by EverBright
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With the increasing popularity of renewable energy and the growing adoption of solar, many homeowners have chosen solar to reduce their utility bills and their reliance on the electrical grid. However, when considering solar, a common question is, “What if I want to sell? How might a solar system affect my home sale?”

Whether you have a power purchase agreement (PPA), lease, or retail installment contract (RIC), here’s how EverBright streamlines the process to make it easy for you to sell your solar-energized home.

If You Have a Retail Installment Contract (RIC)

With a RIC (also known as EverOwn), you own the system and agree to finance it over time — typically 25 years — and are responsible for maintaining it. Your solar system can also help build equity into your home’s value.  

If you have a RIC and wish to sell your home before the end of the agreement term, you have two options:

  1. Pay off the remaining balance and include the system as you would any other asset in your home; or
  2. Transfer the agreement to the buyer who meets EverBright’s credit criteria and assumes the terms.

If You Have a Power Purchase Agreement (PPA) or Lease

With a PPA, you purchase the energy the solar system produces, while EverBright owns the system and is responsible for maintaining it. With a lease, you pay to use the equipment EverBright owns and maintains. Like the RIC, the PPA and lease agreements usually have 25-year terms.

If you have a PPA or lease and wish to sell your home before the end of your agreement term, you have a few options:

  1. Prepay the remaining monthly payments and transfer the use of the system to the buyer; or
  2. Transfer the agreement to the buyer who meets EverBright’s credit criteria and assumes the terms.

After the 6th year, you have an additional option:

  1. Purchase the system outright, so now you own the system and can include it as part of the sale, as you would any other asset in your home.

When Should You Contact Us?

Whether you have a RIC, PPA, or lease, you’ll need to let us know of your intended closing. We recommend notifying EverBright at least 45 days before your closing date as it can take four to six weeks for the process to be completed.

The Bottom Line

With EverBright, you have flexible home sale options. If you’re considering upgrading to solar but are concerned about the possibility of a future move, EverBright provides a simple process for transferring your agreement to the new owner.

Learn more about residential solar.

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