Moving or selling your home with a solar system installed by Better Earth involves several straightforward steps to ensure a smooth transition for both you and the new homeowner. Here’s a clear guide on how to handle the transfer of your solar system based on different financing scenarios:
Before You Move
Notify Us Early: Inform Better Earth and your financing company 30-60 days before you plan to sell your home. This gives us ample time to manage the transfer process.
Warranty and Contact Transfers
For Current Owners:
Contact our Customer Support team to update us on the home sale.
Better Earth will send an email to the new buyer requesting proof of ownership, like the title or deed.
We will then update our records with the new homeowner's information and transfer the warranties. The new owner will receive a 5-year system warranty from Better Earth.
For New Homeowners:
If you've just bought a home with a Better Earth solar system, reach out to our Customer Support to transfer the warranties to your name. Refer to our article: What Do I Do If I Buy a Home with Better Earth Solar Panels? for more details.
Transferring Based on Finance Type
Cash Purchase:
Adding Value: You may be able to include the value of the solar system in the home's selling price. This means the new homeowner could potentially have no electric bill if their usage is covered by the system's output.
Process: No specific action is required from you; it's a seamless transfer.
Solar Loan:
Options:
Pay Off the Loan: You can pay off the remaining loan balance, adding the system's value to the home price, much like settling a mortgage.
Transfer the Loan: Alternatively, transfer the loan to the new homeowner if they agree.
Credit Verification: The finance company will check the new buyer's creditworthiness, which typically aligns with home purchasing qualifications.
Action Required: Communicate with your finance company about your choice and facilitate the necessary paperwork.
Lease or Power Purchase Agreement (PPA):
Ownership: Since you don't own the system, you can't add its value to your home sale.
Notification: Contact the finance company 30-60 days before moving to discuss the transfer.
Credit Check: Similar to a loan, the finance company will verify if the new homeowner qualifies for the lease or PPA.
Transfer Process: Upon approval, the agreement will be transferred to the new homeowner, ensuring continuity of service.
Conclusion
Transferring your solar system when moving or selling your home is designed to be hassle-free with Better Earth. We ensure that the new homeowner inherits the benefits and responsibilities of the solar system. If you have any questions or need help during this process, our Customer Support team is ready to assist. Remember, early communication is key to a smooth transition.