Solar panels can add an extra wrinkle when you sell a home, especially if there’s still a loan or lease attached to them. Before you go under contract, figure out exactly what you have and what will need to happen at closing.

Start with the basics: Do you own the panels outright, are you still paying them off, or are they leased? Solar panels are generally considered part of the property, so if you own them free and clear, they would typically transfer with the home unless the contract says otherwise.

If there’s financing, don’t assume the buyer can simply take it over. The solar company may have approval requirements or transfer fees, and the buyer’s mortgage lender may have its own requirements. PACE financing can be especially important because many mortgage lenders require it to be paid off or released from the property.

Leased panels can create similar issues. Some leases are difficult or expensive to end early, so a seller may need to transfer the lease to the buyer instead. If financing or a lease is being transferred, the contract should clearly address responsibilities, deadlines and what happens if the transfer is denied or delayed.

The important part is figuring this out before you have a buyer waiting on answers.

If you’re thinking about selling a home in Pinellas County with solar panels, I can help you work through what needs to be addressed before you put the property under contract.

Adi Rakanovic, Realtor
Lipply Real Estate | RealPinellas.com