SOLAR PV (Photovoltaic) LEASE
Many big Solar PV (electric) companies are offering a Solar lease contract that is not worth doing. Some Solar companies say you need to pay for 20 years, they also say you don’t get the Federal and State rebate and so you ask yourself, where is my savings?
Some are even saying that if you want the solar panels off your roof, you need to pay them and if you sell your house the new owner would have to qualify to transfer the solar lease. Both could be a major problem.
We have also seen Solar lease installations where the system is not generating the full capacity due to poor design and installation.
The best way is to finance your Solar project so you can receive the rebate check instead of them. Apply your Solar installation rebate funds to the loan, this will reduce your solar investment and you’ll pay it off in about a third of the time compared to a lease program and after you pay them off, they’re yours. You can also keep the rebate check for extra cash in your pocket and continue to make payments on the full amount of the loan, what you do with your money, is up to you, not them.
What we do is try to make the investment payments (after the incentives) to match your current electric bill so you basically are swapping a utility bill for a loan bill. It’s like your still paying a utility bill until it’s paid off and then FREE electricity.
Stop by and chat with us or give us a call, we want you to be knowledgeable before you commit to an investment whether it’s with us or someone else.