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Trying to purchase a home with Vivint Solar in NJ

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  • Trying to purchase a home with Vivint Solar in NJ

    Has anyone had any luck with transfering a solar from Vinvint to their own ownership with SRECS.

    Long story: we're trying to purchase a shore home which currently has Vivint. The owners had a leasing agreement (most horrible agreement ever) the owners are very old and I'm not sure they understood the lease. The had some medical issues and defaulted on the system. We're trying to purchase the property and if possible keep the pannels and hopefully the SRECs. The system was brought up in 2016 so it would make sense to keep it. If the sellers can pay it off. They are having a hard time trying to see when they can pay it off. Apparently it can be done only at the 7y mark and for a $4-7 per watt cost.

    Any insight would be helpful.

  • #2
    The SRECs would have to be pretty good for me to take on a lease of any kind. Vivint is part of Sunrun now but I don't know if that is a problem or opoortunity. I have such an aversion to leases that if I were in your shoes I would encourage the sellers to pay it off.
    There are more facts and figures that need to be analyzed but based on what you said about the sellers understanding of their deal, I think it is a safe assumption that it is a financial disaster for them and anyone who assumes it.
    9 kW solar. Driving EVs since 2012


    • #3
      I’m with you. We’re not looking to take anything over. It’s either the seller pays off the system or we don’t want it. The contract these people signed is insane. More like predatory, I think they had a pretty slick sales crew in south Jersey hitting up older folks. I wonder if the sunrun angle could help.


      • #4
        whatever you do..... do not agree to take over the system. the seller is screwed , that is their problem. Vivint is a scam company . Any solar loan company that does this is a scam.
        Last edited by SunEagle; 03-20-2021, 10:54 PM.


        • #5
          Agreed, I would never. I just feel so bad for the sellers. They are older folks. They spent 6h on the phone on Friday... now they have another call on Monday with their lawyer and Vinvint. We really want this home. But it doesnt look good. I have solar on my main home GPE we had a great experience. This is the other side of the coin. Horrible


          • #6
            Originally posted by flowing View Post
            ...... I wonder if the sunrun angle could help.
            It would all depend on how it was valued in the acquisition. That is why I called it a problem or opportunity.

            9 kW solar. Driving EVs since 2012