NFR Anyone leasing solar?

[Canuck from Kansas]

We are considering a property with solar, buyer must assume the solar lease as a condition of the sale of the property. I am looking at it as just a monthly utility bill, and from the records I have, it comes out as a bit of a wash with current NC utility bills; however, looks to be a reasonable saving for the northeast (location of the property).

Hear horror stories about solar leases. Anyone here have experience?

NO POLITICS PLEASE. I am looking for serious answers from any folks with real experience - feel free to IM me.

Cheers

chris taylor

 

[Josh]

Indeed, please no politics.

Just to clarify, you would be leasing the solar panels/inverter/etc from the power company? a third party? And you wouldn't own it? Is it a "lease to own" sort of thing or an eternal rental? Can you have it removed should you decide?

Are you getting paid by the power company for generation (as you do in the PNW)?

 

[Dustin Chromers]

I own solar. I'm admittedly not familiar with a solar lease. How is this structured and how does it work? Is there an option to just outright buy the solar system? Is this on the property or on a property you don't own unattached to the prospective property (the panel array that is). Are the batteries yours and are they on your property? I've not really heard of this so I'm sorry if my questions are redundant or remedial. As a solar owner I have very positive things to say about solar as a power generation tool. Not perfect but pretty good. Coupled with other systems it makes for a stand alone place without being plugged in to the grid.

Along with the above final thought is storage. Can you store solar when light is good in an upgraded battery bank on your property? This would allow the lease to perform better for you as you can bank power. Again depends on answers to the above questions.

 

[Matt Paluch]

My brother-in-law had a horrible experience trying to sell his house with solar panels he leased in Portland. We purchased the panels on my roof, and that has been a great experience. I'd check to see if whoever is leasing the panels would be willing to sell them to you instead of transferring the lease.

 

[Stonedfish]

Not specific to solar panels, but leasing in general as I do a lot in my business.
See what is involved with the transfer and assumption of the lease and any fees, credit checks etc that might be required.
Also get a copy of the original lease so you can see the terms and conditions as well as any end of lease notification requirements, early termination fees, evergreen auto renewal clauses, possible buyouts or equipment returns etc.
That should also give you a better understanding of what type of lease it is, capital, operating etc and who holds the lease.
Best of luck.
SF

 

[Canuck from Kansas]

Thanks folks, no battery storage, just hooked to the main circuit - from what I could tell, did not ever get money back from the electric company. Not lease to own. Moot point now - not gonna happen, too many red flags.

The search continues...

cheers

 

[kmudgn]

Leasing, rather than buying (at $1,000/per panel) seems to be the norm here in New England. It seems no impediment to selling a house as prospective buyers are advised of the lease and understand that they need to take it over. The leasing companies seem to have no issue with the transaction either.