Buying a home with solar panels can be an excellent investment, especially in environmentally conscious New England. However, there are critical factors to evaluate before making your purchase to ensure the system works for you financially and logistically. Here are 5 key things to look for when buying a home with solar panels in New England.
1. Type of Utility: Municipal vs. Public Utility
One of the first things to determine is what type of utility serves the home—a municipal utility or a public utility.
Municipal Utilities: These smaller, locally managed utilities often do not offer net metering credits, which allow homeowners to sell excess solar energy back to the grid. Without net metering, the financial benefit of solar may be limited.
Public Utilities: Most public utilities in New England offer net metering programs, though the incentives and rates vary. If the home is connected to a public utility with net metering, you’re in good shape to save money with solar.
Top Public Utilities Offering Net Metering in New England:
National Grid (MA, RI)
Eversource (MA, CT, NH)
Central Maine Power (ME)
Green Mountain Power (VT)
Always confirm the home’s current net metering arrangement with the seller and utility company to ensure ongoing savings.
2. Type of Incentive Signed Up For
Solar incentives have changed significantly over the years. Older solar systems may still be enrolled in programs that provided higher financial benefits than those available today. This can be a huge advantage for buyers.
Examples of Previous Solar Incentives:
SMART Program (MA): A declining block program that provided monthly payments based on system production.
Feed-In Tariff (FIT) in Rhode Island: An incentive that paid homeowners for the energy their systems produced.
SREC (Solar Renewable Energy Credits): Programs in states like Massachusetts and New Jersey allowed homeowners to sell credits earned from energy production.
If the solar system is part of an older program that still pays out, this can provide significant financial benefits. Be sure to verify what incentives are tied to the system and if they transfer to you as the new homeowner.
3. Panel Type: Monocrystalline vs. Polycrystalline
Solar panel technology has improved over the years. The type of panels installed can impact efficiency and aesthetics.
Monocrystalline Panels: These are the modern standard, offering higher efficiency (15-22%) and a sleek, dark appearance. They perform better in low-light conditions and take up less roof space.
Polycrystalline Panels: Older systems often used polycrystalline panels, which are less efficient (13-16%) and have a blue, speckled appearance.
How to Identify Panel Type:
Look at the system from the street. Monocrystalline panels appear uniform and black, while polycrystalline panels have a blue, non-uniform look.
If unsure, ask the seller for the panel specifications and manufacturer details.
Understanding the panel type will help you gauge the system’s efficiency and potential energy production.
4. How Is the System Financed?
It’s essential to understand how the solar system is financed, as this affects ownership, maintenance, and transferability.
Leased Systems: If the system is leased, the lease can typically be transferred to you as the buyer. Leasing companies often provide services like maintenance and monitoring, making it a hassle-free option.
Verify that the lease terms are favorable and confirm any costs associated with the transfer.
Loan or Owned Systems: If the system was purchased outright or financed to own, confirm that the system is paid off or that loan terms can be transferred.
Check that the original installation company is still in business, as they will handle maintenance, repairs, and warranties. If the company no longer exists, servicing the system may be more challenging.
Understanding the financing arrangement ensures there are no surprises during the buying process.
5. Type of Shingle and Age of Roof
The roof’s age and material are crucial when buying a solar-equipped home. Eventually, you may need to replace the roof, and removing and reinstalling solar panels can be expensive.
Common Roof Types and Considerations:
3-Tab Asphalt Shingles: Affordable but less durable, with a lifespan of 15-20 years. Frequent replacement may be necessary.
Architectural Shingles: A step up in durability, lasting 25-30 years.
Standing Seam Metal: Highly durable (40-70 years) and ideal for solar systems due to easy panel mounting.
Corrugated Metal and Metal Tile: Durable but may require specialized installation for solar panels.
Terracotta or Clay Tile: Beautiful but fragile. Removing and reinstalling solar panels can be costly and complicated.
Before purchasing, confirm the roof’s age and material. If the roof is nearing the end of its lifespan, factor the cost of replacement and panel removal into your decision.
Conclusion
Buying a home with solar panels in New England can be a great investment, but it’s important to evaluate key factors like the utility type, incentives, panel technology, financing, and roof condition. By asking the right questions and doing your homework, you can ensure that the solar system adds long-term value and savings to your new home.
Whether you’re saving on energy bills or contributing to a greener future, a well-maintained solar system can be one of the best features of your New England home purchase.
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