A Redditor posted to the r/TeslaSolar subreddit with an interesting conundrum. They were about to buy a house that's six years into a 20-year lease with Tesla solar panels that they don't want, despite the fact that solar panels are one of the best ways to save money on home energy while at the same time reducing planet-heating pollution.
The scoop
Installing solar panels isn't for everyone, often because of the significant upfront cost. But for homeowners who want to enjoy the benefits of going solar without the upfront costs, leasing is a great option, and the LightReach program from Palmetto allows people to lease solar panels for no money down.
This homebuyer, however, was looking to get back on the grid.
"The lease is only 6 years in and the power cost is going up 2.9% per Kw every year. It's already $3 more expensive than my local power company," they posted. "Is there any way to get out of the lease contract if I buy this home? Or [are] there any suggestions to not use or terminate it?"
How it's helping
It appears in this particular instance, solar won't save on energy costs, but that's a rare case. Not every leasing company is the same, and Palmetto is a trusted company that helps homeowners avoid the pitfalls common among other companies.
Pairing solar panels with energy-efficient appliances like heat pumps adds to the savings most people with solar panels enjoy. Mitsubishi offers a service that helps homeowners find the right heat pump and installer for them and their budget.
For homeowners looking to buy rather than lease, EnergySage has a free tool that helps to get estimates and compare quotes on purchasing and installing solar panels, and can save homeowners up to $10,000 on installation.
For anyone who is having trouble deciding whether to lease or buy, this pros and cons list could come in handy with their decision-making process.
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. |
|
If you don't have solar panels on your home, which of these factors is the biggest barrier to installing them? Click your choice to see results and speak your mind. |
Upfront costs 💰 What everyone's saying
Leasing solar panels can be a great option for certain homeowners depending on their situation, but in this case, commenters were more than happy to at least attempt to help the original poster get out of the contract.
One person commented, "You'd either want to require the old owner to pay off the lease in full prior to closing just like any other loan-financed work they'd done on the house, or get the payoff amount and lower your offer accordingly."
"Make the owner pay off the lease or find a new home. A 2.9% escalator [is] the previous owner's mistake," another person posted. "Of course if they pay the system off, then it goes from a liability to an asset."
Join our free newsletter for easy tips to save more and waste less, and don't miss this cool list of easy ways to help yourself while helping the planet.
Cool Picks
