I have a solar system.
Mine is likely very different than yours, mine is off grid.
Solar is a wonderful thing to reduce your electric bill
and save money but can be a problem when you
refinance or sell your home.
Solar has a limited life, and because it's silica or glass
it's fragile to extreme weather.
When you installed yours you might have gotten a Pace Loan.
Most don't read all the fine print about the Pace Mortgage.
Here's some tips and tricks and a checklist:
Solar panels create a variety of challenges when you
purchase or refinance real estate.
The Title Officer and Mortgage Loan Officer first determine what
type of instrument was used to install the unit.
Was it financed, leased, rented back, purchased
or some combination of methods to pay for the unit
which is now real property, not personal property.
Sometimes the homeowner doesn't own the units at all,
and they allow access to utility company employees
like an easement to climb on the roof.
Here is a little checklist on how to handle the variety of issues
that may arrive when you buy a home with solar panels
or try to refinance your existing home loan or mortgage
to a lower payment.
No matter what the sales person told you all
Pace Loans must be paid off to transfer title, refinance, or sell.
