One Reddit user was so pleased with the terms of the solar lease that they were taking over in their new home that they thought there must be some catch.
"Buying home with Sunrun lease ā am I missing something?" they asked in their post on the r/solar subreddit.
The scoop
According to the original poster, the terms they read in the contract were not what they had been led to expect from a solar lease.
"I've been reading up on Sunrun and the main financial concerns ā¦ seem to be that the contracts often charge for an amount of energy that exceeds what the house would actually use ā¦ and that the contracts often include annual increases (result being that you end up spending more than you would on grid energy over life of the agreement)," they wrote.
"In reviewing the lease terms on this home, the amount of annual production is modest. ā¦ And there's no annual increase baked in ā the monthly cost is fixed at $24 for life of agreement (implied cost/kwh is $.09). Based on those numbers, this doesn't seem like a bad setup."
How it's helping
If the original poster understood the proposed lease correctly, then they should jump on that deal. Solar panels can be one of the best ways to save money on the power you use while protecting yourself from rising energy costs, and a lease with those terms definitely qualifies.
Not everyone will have the chance to buy into a solar lease with such favorable terms. However, you can get more educated about your solar options by checking out TCD's Solar Explorer.
It will connect you with trusted partners like Palmetto, whose LightReach solar leasing program will help you save 20% on your utility rate while requiring $0 down because it helps you take advantage of federal incentives (via lower rates) that have been discontinued for individual homeowners directly purchasing panels.Ā
Save $10,000 on solar panels ā 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. |
To help you install solar panels and save up to $10,000, the Solar Explorer can also introduce you to EnergySage, which curates vetted local installers to help you find the best option.
Even better, if you pair up your solar panels with other electric appliances such as an energy-efficient HVAC system, you can save even more. To find the right heat pump or other similar equipment for your home, look through TCD's HVAC Explorer.
To earn up to $5,000 in home upgrades through simple actions that you may already be taking, download the free Palmetto Home app.
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What's the biggest thing stopping you from going solar? Click your choice to see results and speak your mind. |
The cost šµ What everyone's saying
Commenters agreed that this sounded like a great deal.
"The system would only produce 3000 kwh a year? And at 9 cents a kwh? No escalator such as 2.9%?" said one user. "If there's not an escalator and it's at 9 cent a kwh and it's cheaper than your electric rate then yes."
š°Get TCD's free newsletters for easy tips to save more, waste less, and make smarter choices ā and earn up to $5,000 toward clean upgrades in TCD's exclusive Rewards Club.
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