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The idea of "locking in" an electric rate of $155/month for 20 years does sound a bit far fetched.
Could you please elaborate on how this works?
Thanks
They build a set of panels designed to get your net energy cost from PSEG at $0.
You lease said panels from the company at $155/month for 20 years. The dollar amount I'm quoting is for my house in particular. I would think it would be more or less depending on the house.
Solar City guarantees the production of the panels, in writing, in their contract. They have an electronic monitoring system that keeps an eye on the systems production and if there are any problems they send techs to your house to repair the system at no charge.
Solar City makes money because they produce more power than you use and they sell that excuse power to PSEG at a rate that makes them profit.
They have it all in black in white writing when you sign up. It was a really good deal, which is why I signed up.
They build a set of panels designed to get your net energy cost from PSEG at $0.
You lease said panels from the company at $155/month for 20 years. The dollar amount I'm quoting is for my house in particular. I would think it would be more or less depending on the house.
Solar City guarantees the production of the panels, in writing, in their contract. They have an electronic monitoring system that keeps an eye on the systems production and if there are any problems they send techs to your house to repair the system at no charge.
Solar City makes money because they produce more power than you use and they sell that excuse power to PSEG at a rate that makes them profit.
They have it all in black in white writing when you sign up. It was a really good deal, which is why I signed up.
Sounds like a better deal than Vivints at face value.
What are the costs involved if you have to move, remove the panels to replace a roof, roof warranty issues, etc?
It sounds like there has to be a limit on usage..what if you're a jerk and run your air conditioner day and night at 65 degrees and leave your lights on in every room all day every day? There has to be some maximum usage for that $155.
Solar City took out a $2 million insurance policy that goes on top of my homeowners policy. The policy covers the roof and its structural integrity as well as any damage that could be caused to my home.
The lease is transferable at no cost to the new owner of the home if I chose to sell before the lease is up. I do not know what the cost is to relocate the system.
I'm sorry if I implied that you can use as much power as you want for $155/month... that is NOT the case. When they design you system they take your previous year of energy bills and calculate that you will use the same amount of energy going forward. The important part is that my electric rate is locked in for 20 years. As long as I don't increase my consumption, my bill will remain the same. If I go crazy and open a laundromat and bakery in my home, naturally my electric bill will go up.
Solar City took out a $2 million insurance policy that goes on top of my homeowners policy. The policy covers the roof and its structural integrity as well as any damage that could be caused to my home.
The lease is transferable at no cost to the new owner of the home if I chose to sell before the lease is up. I do not know what the cost is to relocate the system.
I'm sorry if I implied that you can use as much power as you want for $155/month... that is NOT the case. When they design you system they take your previous year of energy bills and calculate that you will use the same amount of energy going forward. The important part is that my electric rate is locked in for 20 years. As long as I don't increase my consumption, my bill will remain the same. If I go crazy and open a laundromat and bakery in my home, naturally my electric bill will go up.
If your usage goes up, what rate will you pay on the extra electricity?
I personally have solar panels on my home and have heard about leasing but opted to buy because I'm saving a ton more. It still seems like leasing is a better option than nothing but I'm still uneducated about it. In the 2 1/2 years I've owned my panels my savings have already paid for the system and my bills avg $9/month. I'm not sure why modification specialist has bills over the summer but my bank starts adding up in may and doesn't stop till winter so I avg $9/month. This year I used up my bank but the year before I generated more power and got paid for extra.
**I am not familiar with leasing but just like my solar installer was a salesman so are the leasing people. what is $2million insurance for? The panels have a 25 year warranty and your homeowners covers the value in which you pay which includes the panels. Did you read that insurance policy word for word? I realized very specifically what my 25 year warranty didn't cover by reading it so my panels didn't move during Sandy but had it been considered a hurricane or had winds over 125mph it voids everything. I think it's good you are locked in but things are too good to be true so don't assume what you heard is what you got.
The lease is transferable at no cost to the new owner of the home if I chose to sell before the lease is up. I do not know what the cost is to relocate the system.
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It may be transferable, but what if the new owner doesn't want to take over the lease? I hope they explained that to you as well.
If your usage goes up, what rate will you pay on the extra electricity?
What is $2million insurance for?
My usage rate is locked in for the next 20 years at last June's rate minus 20%.
The $2 million policy is taken out by Solar City on all of their projects. It covers any and everything that could happen regardless of whatever warranty the panels have. In my contract, Solar City guarantees the production of the system for the next 20 years to be exactly what they initially promised. I didn't pay for the policy, so I don't care if it is really necessary.
It may be transferable, but what if the new owner doesn't want to take over the lease? I hope they explained that to you as well.
If I sell, which is not my intention, and the buyer doesn't want the panels I can pay off the lease (which would suck) or I can pay for the system to be transferred to my new home.
I realize that many buyers might be turned off by solar panels for whatever personal reason they have.
My whole house is "green" so anyone interested in my house would have to be that kind of person anyway. I have full cellulose insulation, solar-powered attic fans, solar-powered security lights, etc.
If I sell, which is not my intention, and the buyer doesn't want the panels I can pay off the lease (which would suck) or I can pay for the system to be transferred to my new home.
I realize that many buyers might be turned off by solar panels for whatever personal reason they have.
My whole house is "green" so anyone interested in my house would have to be that kind of person anyway. I have full cellulose insulation, solar-powered attic fans, solar-powered security lights, etc.
This is the real killer for me...I'm all for leasing the solar panels, but these buy out situations run the gamut from sucking to just plain ridiculous. $5,000 or more if I have to move in 10 years? Deal breaker.
If I sell, which is not my intention, and the buyer doesn't want the panels I can pay off the lease (which would suck) or I can pay for the system to be transferred to my new home.
I realize that many buyers might be turned off by solar panels for whatever personal reason they have.
My whole house is "green" so anyone interested in my house would have to be that kind of person anyway. I have full cellulose insulation, solar-powered attic fans, solar-powered security lights, etc.
One of my daughter's neighbors just signed a lease and he's happy. He also isn't planning on moving and he has high bills which currently are cut in half (from $400/mo to a little over $200/mo including lease payments). I personally don't use that much and wondered if it's worthwhile for me.
Everyone's situation is different, but I know I'm not going to be in my house another 15 years or more.
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