When dealing with a home that has solar panels, there are several key points that listing and cooperating licensees should be aware of.
The Rhode Island Association of REALTORS® Real Estate Sales Disclosure form and the RIAR Solar Addendum both cover issues about solar panels. Here are the basics:
- Does the seller own or lease solar panels?
- How much does the seller owe?
- Can the seller provide a copy of the financing agreement or lease, including contact information?
- Can the lease be paid in full at closing?
- Can the buyer assume the balance of the loan?
- Are there any warranties for the panels? If yes, can the seller provide a copy?
- How old is the system?
- Are the panels and system working properly?
- Who maintains the system?
- Does the seller have a permit for the solar panels?
- Can the seller provide a year’s worth of utility bills?
- Does the seller have a net metering plan with a utility company?
- If so, is the net metering plan grandfathered?
Tip: If the seller owes money for solar panels, there should be a Uniform Commercial Code (UCC) filing with the Rhode Island Secretary of State’s Office since solar panels are typically treated as personal property. Check the UCC Public Search: RI Business Portal
For more information, contact the RIAR Legal Department at 401-432-6945 or email [email protected].