Solar panels come with all sorts of benefits, from reduced energy bills to less planet-heating pollution. But one couple was a little perplexed when their newly purchased home came with a preexisting solar leasing contract.
One of them turned to Reddit for advice, worried that their monthly bills might shoot up.
"My wife and I found a home we love!" the user said. "Our offer was accepted. They have leased solar panels. They sent us the buyer guide from SunRun and their 12 months of bills which are all exactly $156. I'm fine paying this but confused. Their guide says no rate hikes but other places say SunRun raises rates?
Going solar is one of the best ways to save money on utility costs. In fact, installing solar panels on your home could save you up to $3,000 per year.
However, the upfront costs of solar can be prohibitively expensive for many people. That's where leasing can help by letting people avoid upfront costs. Palmetto is one company with solar leasing through its LightReach program. The company even offers plans with no money down.
Palmetto notes a few downsides to leasing, however. For one, this method reduces savings potential compared to buying panels outright.
If you want to go solar but leasing just isn't for you, you can rely on EnergySage for free tools that can help you with purchase and installation estimates. And if you need help deciding between leasing or buying, Palmetto has a handy list that highlights the pros and cons of either option.
Ultimately, most Reddit commenters advised against buying a home with leased solar.
Save $10,000 on solar panels — or get them on your roof without paying for purchase or installation Whatever your solar budget, Palmetto can help you save. If you want to buy your own panels, Palmetto's concierge advisors can help you save up to $10,000 on installation through a network of preferred installers. And if you'd rather get solar savings without upfront costs, Palmetto's revolutionary LightReach subscription program can deliver. LightReach lets you lease solar panels with no money down, making it painless to lock in long-term savings. Palmetto covers a 25-year warranty for the panels, which means you'll get reliable performance without unforeseen costs. To get started, just answer a few basic questions about your home and connect with Palmetto's experts to find the option that's right for you. |
"What's wrong with your real estate agent?" one commenter asked. "Why don't you have a copy of the solar contract yet? Hire an attorney or some kind of expert to explain it to you."
Many of them mentioned the possibility of an escalator clause, which could increase their monthly rate.
However, one commenter clarified how these clauses work and indicated that any potential monthly price increases should be minimal: "The only thing you really need to find out is whether or not there is an escalator. Highest I've seen is 3.9%, but again some are 0%. All this means is that at the start of each year of the contract, your bill will go up by that amount."
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The cost 💰 
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