One homeowner thought they were buying a house, but a solar lease brought red tape and 24 years of headaches.
In a post shared on Reddit, the homeowner explained that they bought a home with a transferable solar lease, only to find that the transfer process was anything but smooth.
After weeks of back and forth, the solar company allegedly sent the credit application to the wrong email address and then took so long to respond that the buyer had to seek an update from the seller’s agent. The company then rejected the buyers, saying their “records could not be verified,” even though the homeowners said they had a credit score of 785.
The buyer later learned that the company told the seller that the lease could only be transferred if the buyer applied jointly with a co-applicant to buy out the remaining 24 years of the lease or had the seller buy it out.
“I don’t have the money to buy out the lease so that’s not an option, and I don’t have anyone else co-signing for me. Has anyone been through something similar? I’d like to know my legal options,” they wrote.
If you’re interested in a trusted solar partner, check out EnergySage and their free tool that can help you save up to $10,000 on installation costs by competitively bidding on your project.
Earlier in the review, multiple readers pointed out that this is exactly why some homeowners avoid leasing altogether, even though solar energy itself can be a great deal.
“They are definitely trying to force a takeover and if they don’t cooperate, your next step is to get a lawyer,” one commenter said.
Solar panels can be a huge win for your wallet and the planet. They can lower your electricity costs, reduce reliance on dirty fuel power plants, and help stabilize your energy budget when utility rates rise.
But the rental model can add complexity, especially if you’re selling your home. Unlike a system that you own outright, a lease is a long-term contract with a third party and is usually controlled by that company.
|
What is the most you would have to pay per month to install solar panels on your roof without a down payment? $200 or more $100 $30 I’ll only do it if someone pays me to do it Click on your selection to see the results and speak your mind. |
Smart upgrades can slash your monthly bills
If this story has you worried about solar power, the good news is you have better options than ever. You can shop around without having to adhere to one company’s fine print.
• EnergySage can help you save up to $10,000 on installation costs by curating competitive bids from local installers
• Not ready to spend upfront? Palmetto’s $0 Down LightReach Solar Lease Plan Can Lower Your Utility Rates Up to 20%
• TCD’s Solar Explorer gives you easy access to exclusive offers from preferred partners
Solar power also pairs well with other power upgrades. For example, you can combine the panels with a high-efficiency HVAC system to further reduce utility costs, and Mitsubishi offers efficient heating and cooling options designed to fit every home and budget.
If you like making progress through small wins, the free Palmetto Home app helps you unlock up to $5,000 in rewards for home upgrades by taking simple actions in your daily life.
Meanwhile, the plight of Reddit homeowners is a stark reminder. Solar is a great tool, but the contract is just as important as the panels.
Get TCD’s free newsletter for simple tips to save more, reduce waste and make smarter choices, and earn up to $5,000 toward clean upgrades in TCD’s exclusive Rewards Club.
