Solar panels are what everyone is talking about as a big money saver for home owners. Why not do it, especially when there are companies that will provide the solar panels and install them for free. What’s the catch?
Going green may be great for your carbon footprint and your checkbook but what are the consequences of leasing solar panels? Complete financial control of your own home. That’s right! The lease contract that you signed may have fine print that makes it difficult to sell, refinance, get an equity line of credit or a reverse mortgage.
Selling your home can become tricky because the leasing company may have to approve the buyer. You may own your home but the leasing company owns the panels attached to it and that’s why it’s a sticky situation. If your leasing contract has verbiage indicating this you or your buyer will automatically be denied for FHA mortgages.
Across the country consumers who have solar panels leases are having problems obtaining loans.