Who would not enjoy a big beautiful in ground swimming pool. They sure do come in handy during those hot and humid summer months! Having one must be a selling point when you put your home on the market. NOT! Actually, it cuts down on the amount of buyers who may be interested in purchasing the home because it is a liability, and second there is a huge cost to make it go away. Even above ground pools and not so desirable to potential buyers, even though they are much easier and cheaper to remove. Anyway you spin it, a pool can narrow the draw pool when you are selling your home.
Solar panel systems are similar. I was approach by a Solar Energy Company several weeks ago who was cold calling in my neighborhood. While I knew some of the facts associated with solar panel systems, I decided to hear the sales pitch straight from the horse’s mouth.
The rep stated that the state is looking for a percentage of folks to convert to solar and were offering some incentives to make that happen. They told me that there are two fixed costs that a consumer will have to pay, but they would guarantee a significant usage savings after that…at NO COST TO ME. Remember those four words….NO COST TO ME.
I would love to get a savings at no cost to me. BUT…first I have a few questions. Is this a lease or is there a month fee? No, they said but there is a 25 year commitment. Okay, how long does the system last? They claim 40 years with any maintenance cost being incurred by them. However, replacement cost would be on me. I thought there was NO COST TO ME. Well, I do not plan on being here in 40 years so cool! Right? Okay, what about when my roof needs to be replaced, what happens then? Well, it can cost you approximately $750 to remove, store and re-install the system. Really, I thought there was NO COST TO ME? There goes some of my savings. What if I sell my home? Ah, we can transfer paperwork to the buyer. That’s great, but what if the buyer does not want to commit to the program? Why would they not, it is like a transfer of utility and they will automatically save. But what if they did not want the system? Well, you just find another buyer that does, or buy out the service plan. Still a COST TO ME! Buying out the plan still does not guarantee the sale of my home, right?
Silence!
So after our little meeting I questioned my neighbor who has had a solar panel system for about a year or so. When I asked her about the term of her plan, or what happens if she wanted to sell, she had no idea because SHE NEVER ASKED THOSE QUESTIONS.
My nephew was looking at purchasing a home with a newly install solar panel system. He would have to assume a $200 dollar a month payment for 17 years.
Remember, you get nothing for nothing. Or if it is too good to be true, it’s probably not…true that is. You have to ask these questions. Now my neighbor is in a panic and wishes she had spoken to me before she committed to the program.
And my nephew…he passed on that house with the solar panel system.
