Pre-closure with SOLAR PANELS. Any ideas?

Question

I have a property owner in pre-foreclosure.  He has $65K of solar panels that are not paid off on his house and he only has $35K in equity.

Does anyone have any strategic buy ideas in this situation?

Thanks!

Caroline Gerardo · Answer

There are twenty ways to buy/finance/lease/grant solar panels. If he didn't buy them upfront, install privately and maintain his own batteries, he owns nothing. Solar depreciates immediately. Solar glass panels from 2019 have zero value and may be a liability as they weigh on a roof and can cause damage.   What shows on title? Is it a note? Will seller cooperate with you getting a real payoff from the solar company?

Dennis S. Gelbart · Answer

sounds like a lot of panels. How much electricity is it producing?  The way it works is, you either lease it from the solar company or buy it. See if you can "sell" it back to the solar company and lease it. I have them on my home and I lease it. Costs me 105 dollars a month for the lease and my electric bill is for infrastructure of 14 dollars a month. The summer is great. Around October it starts to break even. In the winter ( I am in Chicago) the bill is about 40 dollars a month. I can explain what I see at my home if you are interested.

Dennis

Chris Seveney · Answer

@Charles Mazzini

How big was the system to be worth $65k??? That’s like a 30kw system which could power a 15,000sf house..:

Eliott Elias · Answer

Take over his solar payments and give a small down payment to assume the property

Rent it back to them