A Reddit user found a dream home with solar panels priced over $100,000 below market value. Their dilemma: whether the steep discount offsets the long-term solar lease commitment.
They shared the details in r/solar, asking "Is this solar lease a bad deal?" and sparking conversation. The seller was willing to drop the price by a massive $110,000 if the buyer agreed to take over the lease.
The buyer estimated the solar system would cost around $58,000 over its lifetime.
"Just looking at the solar, without house discount, that looks really bad to me," the user wrote. With the house discount, they felt like it would be a "wash" over the remaining 22 years of payments.
This situation shows how understanding solar leases is crucial when buying a home.
Solar panels save money on home energy bills and lower your environmental footprint. Going solar contributes to a cleaner, cooler future by reducing pollution.
A caveat to installing solar is the upfront cost. Solar leasing allows access to clean energy without a large initial investment.
Palmetto's LightReach program provides solar installation with little to no money down. Homeowners can lock in lower, more predictable energy rates.
Get $1,000 cash to slash your bills with rooftop solar panels for $0 down and low monthly payments Whatever your solar budget, Palmetto can help you save. If you want to buy your own panels, Palmetto's 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 — including an exclusive $1,000 cashback offer for TCD readers. LightReach lets you lease solar panels with no money down, making it painless to lock in long-term savings of up to 33% off your current power bill. Palmetto covers a 25-year warranty for the panels, which means you'll get reliable performance without unforeseen costs. To get started, just book a short meeting with Palmetto's experts to explore your options and find the solution that's right for you. |
If you're buying instead, EnergySage helps you find free quotes and compare vetted local installers. It can save you thousands on a solar installation.
To choose the best option, review the pros and cons of leasing versus buying.
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What's the biggest concern you'd have about getting solar panels? Click your choice to see results and speak your mind. |
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The Reddit community offered a mix of advice, caution, and similar experiences.
"If this is cheaper than the utility, I say go for it. Why pay more for dirty power when you can pay less for clean?" one user said.
Another commented: "The whole point of a solar lease is to have the warranty. Doing a buyout is not a good idea for that reason and your electricity rate is way lower than what PG&E is. Seems like you're getting a great deal on the house."
"It's a terrible deal. Do what most people are doing who buy a house with a solar lease. Have the seller pay it off in full PRIOR to you buying the house. The issue you or a future buyer will have is qualifying for the lease. The solar company can block your purchase or future buyer's purchase of the home," a third advised.
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