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Old 11-24-2014, 06:29 PM
 
22 posts, read 20,534 times
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There is a house we really like, nice 'hood, great layout but it has a solar lease which is giving me pause. What would YOU do? TIA!
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Old 11-24-2014, 06:46 PM
 
35 posts, read 42,788 times
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Nope. I wouldn't be comfortable with the obligation to the power company.
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Old 11-24-2014, 07:14 PM
 
Location: Amongst the AZ Cactus
7,074 posts, read 5,388,306 times
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No. For 2 reasons:

1.) I'd ask the same question to myself that you're asking and I'm sure there are many others out there who are buying a house would have concerns/questions also. Figure if you buy this house and have to move on in a few years for whatever reason with a large chunk of the lease left, some people will have reservations/questions also. Doesn't matter if the reservations or questions are valid or not. I think more than a few people would pause and I don't want that albatross around my neck when it comes time to sell, especially if I need to move quickly for whatever reason.

2.) Solar technology is very new and will change rapidly over the coming years. What's state of the art now could very well be looking like a dodo bird in another few years. If one is taking over a 20 year lease let's say with a large chunk of that lease still left on a house purchase, that's an awful long time in my book to commit to a technology and a commitment that I have very little say in. I'd rather spend my time dealing with what a house has/doesn't, not dig through a solar lease.
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Old 11-25-2014, 07:36 AM
 
Location: Phoenix AZ
6,242 posts, read 12,348,904 times
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I'd want the lease bought out or terminated before purchase. I might pay a good bit extra for panels & equipment I would own@ closing if there was some sort of transferrable warranty attached, but I wouldn't want any part of an already signed lease.. just too "messy" legally. Some of those leases include annual increases in the cost of your "free" power that exceed any increases the power company might charge.
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Old 11-25-2014, 09:17 AM
 
Location: Surprise, Az
3,502 posts, read 8,841,224 times
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No, I think Solar is great but I wouldn't want to take on a lease.
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Old 11-25-2014, 09:25 AM
 
2,634 posts, read 2,537,652 times
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CHeck how much a buy-out of the lease would cost you and then go from there. These are the max cost that could hit you and may be a point of negotiation?
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Old 11-25-2014, 09:30 AM
 
Location: Southern Arizona
9,502 posts, read 28,031,467 times
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Quote:
Originally Posted by 5together View Post
There is a house we really like, nice 'hood, great layout but it has a solar lease which is giving me pause. What would YOU do? TIA!
Simple solution, 5together . . .

Include a stipulation in your offer that the seller "settle" or "pay off" the lease since they contracted / signed the lease originally.
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Old 11-25-2014, 10:04 AM
 
268 posts, read 369,425 times
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I would if the payments were low enough. Why not? Someone mentioned not wanting to have a debt to the power company, but you pay for power every month anyway, so what's the difference? And sure, technology gets outdated, but will I not buy a computer today because it will be outdated in 5 years? That's silly.

If you stay in the house long enough you will eventually have very cheap power that's good for the environment and the headache of installing the panels (and some of the debt load) has already been taken on for you. I think it's an asset. You're basically getting a massive discount on solar panels. Just research the company used and make sure they're good.
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Old 11-25-2014, 10:20 AM
 
Location: Amongst the AZ Cactus
7,074 posts, read 5,388,306 times
Reputation: 7704
Quote:
Originally Posted by AlohaFriday View Post
And sure, technology gets outdated, but will I not buy a computer today because it will be outdated in 5 years? That's silly.
But I bet you wouldn't want to buy a computer today and sign a lease that you're committed to it for 20 years. Or at the very least be at the whim of the contract for that computer that they, not you, make the decision when you will get a new computer or not.
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Old 11-25-2014, 10:25 AM
 
Location: Washington State
22,762 posts, read 11,914,542 times
Reputation: 19098
I would rather own the solar system. In fact, I do own a solar system that I had installed on my roof.

Now thinking about selling my house but have 6 years on a state credit that should pay me $5K/yr based on production. So I´m not sure someone would be willing to pay for the value of that credit, I would be willing to something less based on future income is not the same as current and some risk factor.

So here´s a question, how much would you pay for a future credit as mentioned above if it´s probably 90% certian that you will get the full $30K over the next 6 years?
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