Having a lease for your roof’s solar panels could cost you dearly if you want to sell your house, reports the Los Angeles Times.
Worries such as insufficient savings and not having the necessary qualifications to get the lease are fueling the issue. As a result, would-be sellers end up paying for the whole lease, which can cost over $15,000.
It’s “becoming an increasing problem for sellers and buyers, and because of the rising popularity of solar it’s going to get worse,” said Lynn Farris, a realty agent in Vacaville, Calif. The popularity of leases is exploding, with more than 600,000 houses and businesses nationwide getting their energy from the sun. It’s a 50 percent increase since 2012.
However, Bloomberg reports that these leases, while having little to no upfront cost, can last almost 20 years. “Since the business model only gained currency in the past two years, the details embedded in the fine print of the deals are only starting to emerge,” states the news outlet.
And since such panels are not considered part of the house, they are considered by many as a liability, deterring them from buying a house with such a lease.