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Selling Your Home With a Solar Lease in Westminster CA 92683

Selling Your Home With a Solar Lease in Westminster CA 92683

Problems With Solar Lease in WestminsterBefore you sign your name to a solar panel lease on your home in Westminster CA 92683 you need to comprehend exactly what you are actually getting into. If you’re in the business of selling solar leases maybe you ought to attempt Googling this, “benefits of solar lease” Read all the page one results and see exactly what your consumer’s are reading if they do even a small amount of homework. You also might attempt Googling, “selling home with solar lease” and “solar lease vs. buy”. Read what your consumer’s will certainly read when they do 30 minutes of study online prior to dedicating to a 20 year contract. Maybe you’ll now understand why you get many cancellations and why if you do not close the deal on the first visit you’ve got almost no opportunity of closing it later on. Why not change your method do exactly what’s right for the customer and get on board with a business that offers industry leading value (cost + quality + service).

The Solar Lease in Westminster CA 92683 or PPA Sales Pitch normally consists of six main points. We talked about each below.

1. Go Solar and Pay Nothing! Or no money out of pocket.

Signing a 20 year contract where you assure to pay X hundred dollars per month is hardly paying nothing. If you accumulate all of those monthly payments throughout the term of the contract you’ll be paying 2 to 3 times what you would have paid purchasing the solar system even if you consider the interest paid on the solar loan. Lots of no cash down solar loans are available. If you have the credit score to get approved for the lease you can use the bank’s cash to fund your solar system with zero cash down.

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2. No fears. The leasing/PPA company in Westminster CA 92683 is accountable for all repair and maintenance on the system.

The renting company will certainly not clean your solar panels which has to do with only maintenance required on a solar system. Solar systems are incredibly low upkeep with no moving parts and include extremely long producer’s warranties and performance guarantees. 25 years with a microinverter based system, that’s longer than the leasing companies’ assurance. A lot of tier 1 solar devices makers are larger and more financially stable than the solar leasing company by lots of multiples. Those long warranties are backed up by a 20 year bumper to bumper service warranty from Solar Symphony.

3. Insurance– go solar with a lease and the renting company guarantees the system.

Purchase a system and the solar system is covered under your property owner’s policy for a simply a couple dollars per month.

4. Tracking– the leasing company monitors your system for the life of the lease/PPA.

When you purchase a system you likewise get keeping an eye on for the life of the system, using the very same tracking equipment utilized by the leasing business.

5. Simply sign a contract and the renting business does everything else.

When buying a system you also simply sign an agreement and the solar contractors does everything else. Distinction is the leasing business agreement is 17 pages (small print) and the solar contractor’s contract is 2 pages.

6. A lease does not strike your individual credit. Does not impact your debt to income ratio.

This may be the only true advantage of the lease however it comes at an awefully high cost. If this is one of your main concerns there are funding options for a purchase (PACE and HERO) that also don’t hit your personal credit or impact your financial obligation to income ratio. And those programs enable practically any property owner to go solar despite their credit rating.

Now for the 6 primary downsides to a solar lease in Westminster CA 92683 or PPA.

1. A lease is a 20 year liability. It is not a possession or an investment in solar. The solar leasing business are investing in solar on your roofing! You’re just providing them an ensured 20 year cash flow!

2. Now you have two utility costs not just one! In essence the leasing business ends up being a second energy. So, sign a solar lease and now you have 2 utility business you need to pay monthly.

3. The majority of leases or PPAs lug a yearly cost escalator, generally 2.9 %. So while you might be saving money today in a numerous years you will not be.

4. You will not have the ability to claim the 30 % federal tax credit and any applicable money rebates. You also will not have the ability to claim any tax deductible interest on solar loan payments (HELOC or PACE).

5. You never ever get to totally free power with a lease or PPA. In contrast, if you acquire a solar system once the solar loan is settled you can enjoy totally free electrical energy from the sun for 10– 15 years depending on the length of the solar loan.

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6. Selling your house with a solar lease or PPA can be bothersome. Solar leases use the brand-new owner to assume the lease and terms. If you read any of the above you can probably see why an enlightened consumer would not want assuming the obligations of your lease. This is especially true if the lease is 7 or more years of ages and the yearly expense escalator in the lease has now raised the cost of electrical energy to equal or more than the cost of electricity from the utility.

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