TAMPA, Fla. (WFLA ) — Tampa Bay-area real estate agents and Florida’s CFO are sounding the alarm about solar panels impacting the state’s real estate market.
They say the panels are having an unexpected consequence on home sellers — and home buyers — who many not qualify to buy the home because of the panels.
Florida Chief Financial Officer Jimmy Patronis said solar panel popularity has skyrocketed and works out for some, but that when some homeowners need to sell their houses, they are in for an unpleasant surprise.
“What’s very concerning to me about solar is that you’re putting a depreciating asset on your house that over time loses efficiency that penetrates the integrity of your roof,” he said.
The cost of the solar is often a second mortgage that could be an additional $80,000 or more, he said, and comes with a lien on the house.
Realtor Ryan Kirby, of Kirb Appeal Homes at Keller Williams in St. Petersburg, said the seller has to either pay that off before selling or transfer the loan to the buyer. In many cases, he said, the buyer may not be willing or may not qualify for the extra loan amount.