Is $23,097 to lease a solar system with home efficiency upgrades and a new roof a fair price?
Project Details
I leased a solar system and feel I came out winning, despite the company keeping the tax credits. They paid for a full reroof of my home ($9600), none of which was shifted onto me, and there's nothing in the contract stating I have to pay it back if I cancel. I also received free insulation, window sealing, and fire detectors to make my home more efficient. I received $25 for meeting with them and will get another $500 after 90 days of system activation. I know the monthly payments start low and increase over 25 years. So far, I have paid $0 out of pocket and have a new roof, solar panels, and a more efficient home. I'm sharing my experience because I've seen negative feedback about leasing and wanted to get opinions on the deal I worked out. The salesman, who is our retired mayor, explained that the company makes money by leasing the panels to me at pretty much cost and then selling my environmental credits for about double their worth. He said a $10k roof is small compared to how much they make from selling credits. The contract was not modified after they realized I needed a roof; they just hired a contractor. The contract states I can cancel anytime but would be responsible for filling the holes from the rails. The panels are already installed, and I'm not looking to cancel. I just want to know if others think I came out ahead. I haven't verified the credit sales myself, but the salesman and a post-install representative confirmed it. When I look at the lease terms and the money they invested upfront before collecting payments, it makes sense that selling green tax credits at the industrial level, especially bundled, must be very profitable.
Quote Details
Lease agreement for a solar system including home efficiency upgrades and a new roof. - System Size: 7.740 kW - First Year Estimated Performance: 8,347.886 kWh - Equipment Leased: Solar panels, inverter(s), racking, cabling, and components (manufacturers may include Canadian Solar, Hanwha Q Cells Solar, JA Solar, Jinko Solar, LG Solar, Silfab, RECOM, Trina Solar) - Lease Term: 300 months (25 years) - Payment Frequency: Monthly - Monthly Payments: - Year 1: $52.99 - Year 2: $54.99 - Year 3: $56.99 - Year 4: $58.99 - Year 5: $60.99 - Year 6: $62.99 - Year 7: $64.99 - Year 8: $66.99 - Year 9: $68.99 - Year 10: $70.99 - Year 11: $72.99 - Year 12: $74.99 - Year 13: $76.99 - Year 14: $78.99 - Year 15: $80.99 - Year 16: $82.99 - Year 17: $84.99 - Year 18: $86.99 - Year 19: $88.99 - Year 20: $90.99 - Year 21: $92.99 - Year 22: $94.99 - Year 23: $96.99 - Year 24: $98.99 - Year 25: $100.99 - Included Home Upgrades: Full reroof ($9600 value), insulation, window sealing, fire detectors - Amount Due at Signing/Delivery: Nothing - Other Charges: $5 fee if fail to pay by AutoPayment - Insurance: Not required to have specific insurance for the system, but required to have insurance for the property - Early Purchase Option: Available as per Section 4(j) of the Lease - Maintenance: Company is responsible for all maintenance
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More Details
Category
Solar
Price
$23,097
Quote Date
May 16, 2025
Location
ZIP: 463669841
Battery Storage?
No
System Size (kW)
7.740
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