Series Introduction: This article is part of a 10-part series to shed some light on what your solar salesperson is NOT telling you. It is my hope this will help consumers to better understand the “small print” items when deciding if installing Solar panels is the right decision for you and your family.
Solar Panels have recently become more affordable and easier to obtain for homeowners. It is hard not to get sucked in by commercials with uplifting oldies blaring and people dancing and singing the praises of a Solar Life with the spokesperson declaring it is now an affordable option for homeowners. As a REALTOR® I have been asked by many past and present clients if they should do this? This series will cover the following issues of the solar home craze. You can also click topics below to jump to that particular topic.
What’s the catch?
Potential savings or smoke and mirrors
What’s the real cost?
Life expectancy and maintenance mortgage and appraisal pitfalls
How does this affect my homeowner’s insurance?
What sellers need to know?
What home buyers need to know?
Less expensive alternatives to solar panels.
Why I made the decision I made regarding Solar Panels.
Will my homeowners insurance cover these?
Most insurance policies in place today would not cover a $73,000 Solar Panel system. You will need to talk to your insurance agent to find out what coverage you have and what the cost might be to adding a solar system. I went to insurance Broker Mike O’Shea of O’Shea Ward Insurance here in St. Louis to get more information.
“You would need to inform your insurance agent about them being installed and the location and the value. What your insurance agent will do is, if they are on the house, we will increase the home coverage by the amount of their value. Most companies will treat them as replacement cost. However, some companies treat them as Actual Cash Value…basically they depreciate them. So, long story short, contact your insurance agent before you purchase so you can factor in the additional home insurance costs.“
Mike went on to say that the premium cost will vary based on a customers credit etc, so another recommendation is if you are seriously talking about getting these, talk to your insurance agent before you sign on the dotted line to make sure the new premium won’t be higher than you have budgeted for.
Hopefully you found this to be a helpful series, I would love to see your comments and hear about your experiences so others can benefit from your stories as well. Direct links to each topic in this series. Also, I would love for you to subscribe to be notified when new posts are available or follow. Look on the top right to do that.
SOLAR PANELS – What’s the catch?
SOLAR PANELS – Potential savings or smoke and mirrors.
SOLAR PANELS – What’s the real cost?
SOLAR PANELS – Life expectancy and maintenance.
SOLAR PANELS – How does this affect my homeowner’s insurance?
SOLAR PANELS – What sellers need to know?
SOLAR PANELS – What home buyers need to know?
SOLAR PANELS – Mortgage and appraisal pitfalls.
SOLAR PANELS – Less expensive alternatives to solar panels.
SOLAR PANELS – Why I made the decision I made regarding Solar Panels.
Have you thought about selling your home?
What if I told you I could sell it for more than it is worth?
Check your home Value here
You can always browse area homes for sale here
Looking to buy a home with “Green Features? Browse Green homes here
Have no idea where to start? Call or Text Home Help to 314-963-7300 to set up a FREE consultation