So, have you noticed those solar panels popping up all over the place? Well, Florida, being the Sunshine State and all, is definitely no exception to the trend. I mean, who wouldn't love the idea of slashing or even eliminating their electric bill while also doing their part to minimize their carbon footprint, right? But here's the deal: before you go all in on solar, there are some other important factors to think about. Trust me, the last thing you want is to find yourself in a sticky financial or logistical situation down the road. Let's dive into what you need to know.

Shining a Light on Solar Panels

Weighing the Pros and Cons

I'm not claiming to be the ultimate authority on solar panels. In fact, there's a good chance I might miss a thing or two. But what I'm about to share with you isn't just based on my own insights. I've also tapped into the expertise of my go-to inspector and had some enlightening chats with a couple of local insurance agents, and even my nephew Henry, who spent last summer out in Arizona selling solar panels, has been a wealth of knowledge on the topic. I grilled him with questions before he left, and ever since then, I've been soaking up as much info as I can.

Here's the bottom line, folks: before you even think about signing on the dotted line for solar panels, you need to do your homework. Make those calls, crunch those numbers, and really weigh the pros and cons. Trust me, it's worth it. And stick around, because I'm about to break down exactly why you need to tread carefully in this solar panel game.

HOMEOWNERS INSURANCE

When it comes to installing solar panels, insurance coverage can be a critical factor to consider. While some insurance carriers are willing to cover solar panels, others may have reservations. If you're simply installing a few panels to heat your pool, the insurance risk may not be as significant. However, if your plan involves covering your entire electric bill and engaging in net metering by selling power back to the utility company, potential insurance complications can arise.

Therefore, it's imperative to prioritize communication with your insurance agent before proceeding with any solar panel installation. If your agent appears dismissive or minimizes the importance of discussing insurance implications, seeking a second opinion from another agent is advisable. Recently, there have been instances, such as in St. Petersburg, where homeowners were dropped by their insurance company due to perceived risks associated with solar panel installations.

In conclusion, initiating dialogue with your insurance agent should be the first step in your solar panel journey. Understanding how solar panels may impact your insurance coverage is essential for making informed decisions and mitigating potential risks.

KNOW THE AGE OF YOUR ROOF

Now, most companies that sell or lease solar panels will assure you that they'll take care of any roof repairs if there are leaks caused by the panels - sounds great, right? Well, before you give them the green light, it's essential to know the age of your roof.

Here's the thing: insurance companies are getting pretty strict about the age and condition of roofs. They're quick to drop coverage based on that, or even minor damage. So, picture this: you get those shiny new panels installed, the company is stellar at making repairs, but then your insurance company insists on a new roof. Or they might request a new 4-point inspection or wind-mitigation report, and if those reports aren't favorable, guess what? You'll have to have the solar panels removed, a new roof installed, and then the panels put back on.

Now, I don't have the exact figures, but I've heard it can cost upwards of $10,000 to have the panels taken off and re-installed. Ouch, right? So, before you make any decisions, make sure you're fully informed about the potential costs and complications with your roof and insurance. It could save you a lot of hassle and money in the long run!

DAMAGE TO THE ROOF

I recently had a chat with an inspector, and let me tell you, he had quite a few tales to share about the impact of solar panels on roofs - and it was a bit alarming, to say the least. Even a brand-new tile roof wasn't immune to issues, particularly on the side where the panels were installed. Apparently, the tiles were shifting and cracking - not what you want to hear about your shiny new roof.

In one instance he mentioned, the solar panel company had to make four separate trips to a homeowner's place within a short span of time just to fix things up. It's a stark reminder that when you're drilling holes into your roof for solar panels, damage is pretty much inevitable - just like when installing a skylight.

So, before you take the plunge into solar panel territory, it's worth considering the potential impact on your roof and factoring in the possibility of repairs down the line. It's all about being prepared and making informed decisions!

SELLING YOUR HOME

Hey there, let's talk about the role of solar panels when it comes to selling your home. Now, when you decide to go solar, you've got a few options: you can pay for them upfront, take out a loan with a lien on the house, or opt for a lease. Here's the kicker though: currently, the value of your home doesn't necessarily increase by the full price of the solar panels. It's hard to say exactly what that ratio is, but it's definitely not as much as you might expect.

When it comes time to sell, keep in mind that the proceeds will need to cover not just the balance of your mortgage, but also any outstanding loan for the solar panels. And if you've leased them, potential buyers will need to be willing to take over that lease. Make sure you have all the relevant contracts and documents available for buyers to review, especially when it comes to leases, as it can limit the pool of potential buyers for your home.

While solar panels might add more value to your home in the future, currently it's not a guaranteed win for sellers. However, if you plan on staying in your home for the long haul, have a relatively new roof, and a solid insurance situation, going solar could still be a strong option for you.

Buyers, take note: if you're considering a home with solar panels, don't forget to ask to see that contract and do your homework. Give the solar panel company a call and make sure you understand all the details before making any decisions. It's all about being informed and making the right choice for you.

CONCLUSION

I'm not here to tell you to steer clear of solar panels or avoid buying a home with them. What I am saying is this: do your homework and ask plenty of questions before making any decisions. And I mean lots of questions - not just of the solar panel company, but also your insurance agent, and maybe even a professional to take a look at your roof.

So, is now the right time to move forward with solar panels? Well, that's a decision only you can make, but it's crucial to weigh all the factors and gather as much information as possible before diving in. Ultimately, it's about making an informed choice that's right for you and your home.