A solar sales pitch that promises to erase your electricity bill can sound like an easy way for a family to cut monthly costs.
But one Texas homeowner said his lease did the exact opposite, leaving him with two major payments instead of one.
Here's what to know
According to KTVT, Craig McKinney of Waxahachie said a team selling solar leases approached him with a simple promise.
He recalled the pitch: "They said, 'I think that we could get rid of your electric bill and all you would have to pay is for this — would you be interested?'"
As a father of four, McKinney said he decided to sign after reviewing the contract, then later found out that his home could not fit enough panels to cover his electricity use.
Rather than replacing his utility costs, McKinney told the outlet that the new setup left him with another monthly payment. He said the company addressed the panel shortfall with what it described as a backup plan: adding batteries and switching to another power provider.
In response to situations like these, Texas is changing its oversight of the industry, as CBS Texas reported. Beginning Sept. 1, most residential solar retailers and salespeople must generally register with the Texas Department of Licensing and Regulation, and the state can take action against those who violate the rules.
McKinney's case serves as a cautionary tale. With a trustworthy solar partner, going solar is one of the best ways to save money on energy bills. Before signing, homeowners may want to explore EnergySage to get free solar installation estimates and compare quotes.
Save $10,000 on solar panels without even sharing your phone number Want to go solar but not sure who to trust? EnergySage has your back with free and transparent quotes from fully vetted providers that can help you save as much as $10k on installation. To get started, just answer a few questions about your home — no phone number required. Within a day or two, EnergySage will email you the best local options for your needs, and their expert advisers can help you compare quotes and pick a winner. |
More background
The flip side is dealing with an unscrupulous company. McKinney said the financial toll has been significant.
"So what's happening is we're paying our normal electric bill at $300 a month, plus paying our bill to them at $320 a month, and so now we're paying $620 a month," he told CBS Texas.
He said he has not been able to get out of the lease and that the option presented to him was to pay out $75,000.
He also admitted to the outlet that selling the home was discussed as a way to transfer the obligation, but finding a taker might be quite tricky.
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What can be done?
It can help to model your total monthly cost, ask what happens if the system underproduces, and get clear answers about cancellation rights, escalator clauses, battery assumptions, and the full buyout price.
"If it seems like it's too good to be true, it probably is," Bobby Franklin, a North Texas Market Insider realtor, warned CBS Texas.
Using free comparison tools can also make a major difference. With help from EnergySage, the average person can save up to $10,000 on solar purchases and installations. Readers can also use EnergySage's solar map, which shows the average cost of a home solar panel system by state and details solar panel incentives for each state, helping them get the best price for rooftop solar panels and access available incentives.
Adding battery storage to a solar setup is one of the best ways to protect your home during outages, save money on energy, and go off-grid. Homeowners who want to compare home battery storage options, including competitive installation estimates, can explore EnergySage.
Where can I learn more?
Homeowners can have vastly different fortunes with solar than McKinney, and it can be a mixed bag due to a variety of external factors.
• For one homeowner, a solar lease brings a summer electric bill down to $13.
• In Ohio, one homeowner found net metering may leave half the electric bill untouched.
• In Texas, a rooftop solar fee drove one homeowner's bill from $30 to $117.
• A real estate agent showed off solar panels, but buyers got a first bill: $420.
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