Solar Panels: Buying or Selling a Home through Fannie Mae

Who doesn’t want to save some money and help save the planet too?

Solar panels are hot right now (pun intended).  They are designed to absorb the sun's rays as a source of energy for generating electricity or heating.  One solar panel only produces a limited amount of energy, so most homes have multiple modules.  Solar panels can now be purchased or leased, but all, or at least most, are installed on your homes roof.  That’s where you have to think about what is right for you.

Are you planning on living in your home for the long-term or will you be selling five years down the road?  Fannie Mae mortgages will purchase or scrutinize a mortgage loan on a property with solar panels.  If the property owner owns the panels then standard eligibility requirements apply.  If the panels are leased there is a lot more to be aware of.

• Your investment in solar power will not be included in the appraised value of the property.
• The monthly lease must be part of the debt-to-income ratio.
• The lease agreement must include that all damage caused by the installation, malfunction, manufacturing defect and removal of the equipment is the responsibility of the owner of the equipment and are obligated to repair damage.

For more information, as always, your Real Estate Agent can guide you in the right direction to get all the information you need.

Sandy LeRette – Realtor® ABR – Licensed Agent in NH - Better Homes & Garden Real Estate / The Masiello Group – 436 Amherst Street, Nashua, NH  03063  cell: (603) 661-7301 email: slerette@masiello.com
Bob LeRette - Realtor® Licensed Agent in NH & MA – Better Homes & Garden Real Estate / The Masiello Group – 436 Amherst Street, Nashua, NH  03063  cell: (603) 438-2550 email: ralerette@comcast.net