Solar panels can be a way to lessen your energy footprint and to save on electricity costs. However, the installation of solar panels can complicate your ability to sell and refinance your home.
There are some legal issues in regards to panels and real estate transactions that you will need to be aware. Here we explain some legal considerations for solar panel owners and why individuals with solar panel installations on their homes are often faced with dilemmas when it comes time to sell their homes.
Join Jason Muth and Attorney / Broker Rory Gill of NextHome Titletown and UrbanVillage Legal in Boston, Massachusetts, and learn all about the issues with having solar panels when it comes to real estate transactions in this episode of The Real Estate Law Podcast!
Notes from this Episode:
Legal Issues with Solar Panels and Real Estate Transactions based on how you acquired your solar panels. Generally, there are three ways to acquire solar panels.
#1: Buy Them.
PROS: No ownership complications, no refinance or selling issues, adds value to your home, Tax Benefit (26%).
CONS: High up-front cost means it will be a while before your investment pays off, Ownership of maintenance.
#2: Finance Them.
PROS: Cost spread out over time.
CONS: High financing costs, associated liens can delay or prevent refinancing. For most sales, as a practical matter, the lien will need to be paid upon sale.
#3: Lease Them.
PROS: Lowest cost to have.
CONS: No direct tax benefit. Buyers need to be approved. Similar problems with refinances.
Do you have questions for us? Interesting in working together? Do you have ideas for a future podcast episode? Email us today!
Need a Keynote Speaker, Panelist, Conference Session Moderator, or Podcast Guest? Real Estate Attorney / Broker Rory Gill or Jason Muth are available. Email Rory or Email Jason today!
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The Real Estate Law Podcast is hosted by Jason Muth and Attorney / Broker Rory Gill.
This podcast and these show notes are not legal advice, but we hope you find both entertaining and informative.
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The Real Estate Law Podcast, because real estate is more than just pretty pictures and law goes well beyond the paperwork and courtroom arguments. Thank you for listening and for reading these show notes!