With the popularity of electric cars and solar panels increasing, it’s important to point out that having solar panels on your house may impact your ability to get a mortgage. Many times, buying solar panels will be financed, and that is what they have an impact on your ability to purchase or refinance a mortgage.
If solar panels have been paid for in cash then that doesn’t impact your ability to finance the purchase or refinance of the property.
If you are buying a house with solar panels that have been financed and you’ll take over the loan, or if you own a house and plan to finance solar panels and then want to refinance, you should ask what the requirements for solar panels are to get a mortgage?
Solar panels financed with a PACE loan are not eligible for a mortgage at all. The mortgage lender needs to determine financing structure to maintain first lien position. If a UCC fixture filing is senior to the mortgage loan, it must be subordinated.