Solar panels are increasing real estate values around the country. But if you are buying a home with an existing system, it's important to know if it's bought or leased.
The scoop
A New Jersey Redditor posted details in r/legaladvice about a lease transfer that went awry.
In short, and according to the Redditor's side of the story, they bought the home and signed an addendum agreeing to take over the solar panel subscription. But the seller delayed or ignored the transfer process, and the new owner said they weren't allowed by the company to initiate the changeover.
As a result, no one was paying the lease. A year later, the Redditor is being sued by the seller for $40,000 owed to a collections agency, for a lien, damage to her credit, and attorney fees, according to the lengthy post.
It's a complicated scenario fit for Judge Judy's courtroom.
"What should I do?" the Redditor posted.
"Get a lawyer," one Redditor commented on the post.
Another viewer added, "If the seller agreed to transfer the lease, then it's the seller's fault."
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What's the moral of the story?
Surging electricity prices are making energy independence even more valuable. But forging ahead without the right information could leave you in a precarious situation.
Anyone considering a solar lease — especially when ownership transfer is in play — should understand the agreement fully. That's especially true if you are taking ownership of the deal.
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How interested are you in going solar? Click your choice to see results and speak your mind. |
Very 😍 Each leasing company has its own process. It's vital to understand the fine-print details before buying a home with a lease so you don't end up like the New Jersey Redditor — a case that could have more to do with the buyer-seller relationship than with the solar deal.
If you're looking for more clarity, experts from the solar company Palmetto have outlined how to ensure a smooth transition when buying or selling a home with a solar lease.
Smart upgrades that slash monthly energy bills
Buying or leasing a solar array remains one of the best ways to lower your electricity expenses.
• EnergySage can help you save up to $10,000 on installations by curating competitive bids from local installers
• Not ready to spend up front? Palmetto's $0-down LightReach solar leasing program can lower your utility rate by up to 20%
• TCD's Solar Explorer makes it easy to access exclusive offers from preferred partners
More value can be realized by using the solar panels to power efficient appliances such as a heat pump, which can heat and cool your home in practically any climate. TCD's HVAC Explorer can help you find the right kind for your dwelling at the best price, slashing energy bills by 50%.
Palmetto's Home app is another way to unlock up to $5,000 in rewards that can be spent on home upgrades. You just need to take some easy energy-saving actions in everyday life.
Get TCD's free newsletters for easy tips to save more, waste less, and make smarter choices — and earn up to $5,000 toward clean upgrades in TCD's exclusive Rewards Club.
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