April 3, 2015
WHEN SOLAR PANELS BECOME A HEADACHE:
From an article in Banker & Tradesman by Ken Harney
- Nationwide, residential solar installations are booming – up 50%/year since 2012 and the fastest grow rates are in Maryland, Massachusetts and New York.
- Be aware of the potential long-term complications that can occur when you lease, rather than buy, solar panels.
- Some would be buyers balk when they learn they’ll need to qualify on credit to take over a seller’s solar lease payments and some insist the seller buys out the remaining lease payment stream.
- Buyers looking at remaining leases for as long as 20 years worry that the equipment will become obsolete or electric savings won’t be as promised.
- Many banks won’t lend on a property with leased panels.