Updated: Apr 2, 2020
Have a buyer who is taking over the lease for solar panels with the purchase of their new home? When a buyer takes over the lease for solar panels, it involves a separate loan application to the solar panel company. Typically, the information required is similar to that required for financing and the process is simple. You can help ensure your buyers are comfortable and confident taking on this lease with just these few tips.
Make sure the offer is contingent on “Buyer’s approval to lease solar panels.” In terms of how that relates to mortgage financing, lenders typically equate the cost of the lease with the cost of a monthly electric bill. Be sure to confirm this with the loan officer.
Confirm what the lien situation is. Often, there is a lien on the solar panels. Again, not to worry, solar companies regularly release the lien for the sale of the property, then re-assert the lien after the buyer purchases.
The process happens every day. If your buyer is buying a home and taking over the lease for solar panels, it’s ok, call me.