Solar Panels - Selling The House

ptrichardson

Wondering if there's a way around this...

I bought Solar Panels (outright) about 18 months ago. 3kW system, all paid for installed and running. Received well over £1000 last year from the energy company.

Now, an opportunity has come up to buy a really interesting property that is pretty much unique for reasons I won't go into here (please don't reference this in any replies, its a long story, and it really is unique). So I need to consider selling my house that I basically re-built only 2 years ago.


The house is worth around £85k, and the panels were £9k 18 months ago set at the max FiT rate (~43p /kwh).

Problem is, where I live, I can't imagine I'd get even a £5,000 premium on the house sale in respect of the panels.

I can't bring myself to walk away from that investment - so give away £25k of income for nothing and lose my £8k.



Is there a way to convert my panels to a loan deal - just like how those companies were installing them for free, letting the occupants keep the free energy, but taking the FiT for themselves?

Is that possible?

Otherwise is is possible to create a legally binding loan where the FiT payments go to me until an agreed price has been paid off?


What options do I have?

Thanks in advance.
I'm not overly hopeful!

CrazyAngel_3

If you are selling a property, but say to the purchaser 'Oh, you have to pay me any income from the solar panels for the next X number of years' you can be pretty certain of losing a sale.

I am currently house hunting, and personally, I think solar panels are hideous. I wouldnt pay any premium for them whatsoever but also would certainly not have a vendor hold me to ransom over them either.

I very much doubt that a solicitor would draw up a agreement such as this because you are selling the property - you therefore cant expect to retain a financial interest in it.

Perhaps you could keep the house and rent it out??

G_M

ptrichardson wrote: »

Wondering if there's a way around this...
...
Now, an opportunity has come up to buy a really interesting property that is pretty much unique for reasons I won't go into here (please don't reference this in any replies, its a long story, and it really is unique).
Addressing first your determination to purchase this unique property (though you are mysteriously silent on this point - does it have an upside-down roof?), if it is so unique, is it a wise investment? Might that uniqueness in fact make it harder to sell later, leaving you with a similar problem in the future to the one you are facing now?

I need to consider selling my house that I basically re-built only 2 years ago. By 'consider', you mean....?


The house is worth around £85k, and the panels were £9k 18 months ago set at the max FiT rate (~43p /kwh).
So whack up the asking price by £9K?

Problem is, where I live, I can't imagine I'd get even a £5,000 premium on the house sale in respect of the panels. Ah! Offer a £4K discoint.

I can't bring myself to walk away from that investment - so give away £25k of income for nothing and lose my £8k.
In that case
a) stay where you are
b) let the property, or
c) find a buyer willing to cover the income

Is there a way to convert my panels to a loan deal - just like how those companies were installing them for free, letting the occupants keep the free energy, but taking the FiT for themselves?no idea.

Is that possible? Same answer

Otherwise is is possible to create a legally binding loan where the FiT payments go to me until an agreed price has been paid off?
:rotfl::rotfl::rotfl:


What options do I have?

Take the panels with you.

ptrichardson

Just looking at some application forms for FiT payments, and you do seem to be able to nominate who will receive the monies.

So sounds like its a case of adding a few lines to the solicitors contracts to say that they will allow you / or supply you with meter readings and will allow access to repair any faults and will keep the same arrangement if they sell the house in the future?

ptrichardson

G_M wrote: »

Take the panels with you.

You can't. You can't reuse panels and claim a FiT. Which is 95% of the point in having them. Or I would!

Re other house - lets not get into that, other than to say I didn't think anything would motivate me to move again, but this project would. It is something rather special.


By "Consider" selling, my home is a long-standing family home. 4 generations & I've top-to-bottom renovated it in the last 2 years. I really would rather keep it in the family.
I may take a BTL out on it instead.


The nominated payment for FiT sounds very interesting. I've written to my energy company to ask about it.

Thrugelmir

ptrichardson wrote: »

Problem is, where I live, I can't imagine I'd get even a £5,000 premium on the house sale in respect of the panels.

I can't bring myself to walk away from that investment - so give away £25k of income for nothing and lose my £8k.

Should have considered these factors before doing the work.

As the panels don't appear to have added any value.

ptrichardson

Thrugelmir wrote: »

Should have considered these factors before doing the work.

As the panels don't appear to have added any value.

As I've said, when we got the house, we never expected to sell it. Rent it, possibly after 5 years or so. But the idea was for it to stay in the family. Which may very well happen - BTL.

This is a once in a lifetime opportunity, hence the potential change.


No point tell me what I should have done folks, I'm looking for advice and solutions, not "told you so's".

G_M

ptrichardson wrote: »

..

Re other house - lets not get into that, other than to say I didn't think anything would motivate me to move again, but this project would. It is something rather special.

But as we have seen from your posts, people and plans change. Perhaps what is a 'special project' today may seem like an exorbitant waste of time and money next year. The dream home may turn into a nightmare.

Your current property on the other hand has stood the test of time:

long-standing family home. 4 generations & I've top-to-bottom renovated it in the last 2 years.

ptrichardson

G_M wrote: »

But as we have seen from your posts, people and plans change. Perhaps what is a 'special project' today may seem like an exorbitant waste of time and money next year. The dream home may turn into a nightmare.

Your current property on the other hand has stood the test of time:

Can we please stop talking about "the other project". What it is or isn't is beside the point.




Does anyone know anything about transferral or FiT payments?
Or about changing the arrangement in some way so I can receive the FiT payments once I move out. Obviously can be done, as people fit them on other people's homes all the time - buy how?

Thrugelmir

ptrichardson wrote: »

As I've said, when we got the house, we never expected to sell it. Rent it, possibly after 5 years or so. But the idea was for it to stay in the family. Which may very well happen - BTL.

This is a once in a lifetime opportunity, hence the potential change.


No point tell me what I should have done folks, I'm looking for advice and solutions, not "told you so's".

Then I would assume that the profit on "This is a once in a lifetime opportunity" far outweighs any loss on your current investment. After 5 years you still wouldn't have recouped the initial outlay on the panels.

G_M

ptrichardson wrote: »

Can we please stop talking about "the other project". What it is or isn't is beside the point.

Surely that's the whole point. The other project is what is driving the need to deal with the current potential loss of investment.

So in what way is it unique?