Adding solar panels to your home is a smart move to lower your utility bills and make your home more self-sufficient when paired with battery storage.
However, many home buyers hesitate to take over an existing solar lease for fear of being locked into less-than-favorable terms.
One prospective buyer in Maryland went to Reddit for advice on a lease they were considering, and they received some unusual tips about their situation.
The scoop
"I am looking to purchase a home with 11 years left on the solar lease from SolarCity/Tesla, and the option to do two more five-year leases," said the original poster.
"The cost / kWh is 14.5 cents vs the grid's 17.5 cents (capped at 2.9% increase y/y). The roof is approximately 450 sq ft. I have the option to buy out the solar panels at every 5 year anniversary."
The original poster wanted to know whether it would be worth buying the solar panels outright.
"The warranty for the roof expires this upcoming February; should I take my opportunity to remove them for free and run with the warranty to ensure the roof is plugged up?" they asked.
If you want solar panels of your own, TCD's Solar Explorer is the place to start. Not only will it help you understand your options, but it can also help you save money by connecting you with trusted, vetted solar partners.
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. |
Smart home upgrades that slash monthly energy bills
TCD's Solar Explorer will help you identify partners that offer solar deals, including $0-down subscription options, such as Palmetto's LightReach solar leasing program.
It can reduce your utility rate by up to 20%, allowing you to take advantage of federal tax credits that have been discontinued for individual homeowners.
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What would you be willing to pay upfront for solar panels? Click your choice to see results and speak your mind. |
$5000 or more 💰 Other partners, like EnergySage, can save you up to $10,000 on the cost of solar panel installation due to their concierge-level service, which curates and compares competitive bids from local installers. It also offers information on buying solar panels, getting incentives, and comparing bids.
Other electric appliances paired with your solar panels can help you save even more money. Heat pumps and other energy-efficient HVAC equipment are the top choice because, according to the U.S. Energy Information Administration, more than half of the energy in American homes goes toward heating and cooling.
TCD's HVAC Explorer simplifies the process of choosing and installing the right equipment for your home. To earn up to $5,000 in home upgrade rewards, download the free Palmetto Home app and start taking simple actions in your everyday life.
What everyone's saying
Commenters gave the original poster some surprising advice.
"Some have reported opting to have panels removed, but [the provider] never [does] so, or a contractor removes them but leaves [them] in the yard for six months and the solar company never picks them up," said a commenter. "Either way, the lease ends, and they end up with a free system."
However, other users answered the original poster's question.
"Most people will tell you to run from anything leased, but this doesn't sound like a horrible deal," said one user.
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