WICHITA FALLS, Texas (KAUZ) – Solar panels are popping up on more homes across Texoma, but when it comes to how much value they actually add, the answer isn’t so simple.
Over the past decade, solar has become more common among homeowners, often marketed as a way to boost home value and lower electric bills, but experts said before making the investment, it’s important to understand why you’re installing solar and whether it truly makes financial sense for you.
“When people hear solar adds value, they’re getting a lot of information from people coming up, and those things sound really good. I know that it’s more complex than that,” Enlow Appraisal Certified Residential Appraiser Brady Enlow said.
Working in the Wichita Falls housing market for more than 10 years, he said he has seen solar panels help some home sales and hurt others.
According to Enlow, the biggest misunderstanding often comes down to expectations versus reality.
“Hey, I put in $70,000 for solar panels. My house is worth $70,000 more and I think that is a business. It may not be. It may, but it may not and so I would encourage people to talk to a professional, talk to the company that you’re potentially going to have install these systems, talk to real estate agents,” Enlow said.
Another major concern is resale.
If a homeowner still has a loan or lease on solar panels when they decide to sell, it can complicate the deal. If a buyer doesn’t want to take over the payments, sellers may be forced to lower the price or continue paying for the panels even after moving out.
Realtor and broker LeeAnn Burnett with Anchored Realty said that if saving money on electricity is the main goal, solar isn’t the only option.
“There are more ways to do that than just solar panels. We have some great companies here locally that come into energy efficiency testing on a home, so you can actually bring down that electric bill through putting in new windows, insulation, adding insulation in your attic…just lots of ways,” Burnett said.
Burnett also urges homeowners to ask detailed questions, especially when it comes to solar lease agreements.
She says buyers don’t always fully understand the paperwork, which can lead to financial trouble down the road.
“If there is a lease on that, how long the lease is, and if it’s an income ratio, because if you qualify for the house, you may qualify for it just fine, but you might not qualify for the house plus the rest of the lease that’s on solar panels, so that could be a problem,” Burnett said.
Before installing solar panels, experts recommend talking with professionals, reading the fine print, and making sure the investment truly fits your home and your budget.
There are tax exempt documents in regard to having solar panel on homes; to make sure you have the correct forms, reach out to the Wichita County Appraisal District.
For other questions, visit the resources below.
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