Solar Contract Signed with Sunpower

[ajpslp]

As someone mentioned here to own the stem is probably cheap.?? NOT , the system to purchase outright is $58k! then rebates etc comes to around almost 25-30k. Yes so u own it outright BUTinverter replacement in 6-10 years costs $4k to replace and in the course of 20 year lease may need 2 of them for $8k . Is that worth it ? don't think so . Leasing is a great option because as long as we are living and breathing we need to pay the electric company anyways so why not just pay $200 less per month to some other company ? looking forward to panels and getting it up r and running !!

[J.P.M.]

With the instability in many sectors of the job market, what if you're out of work and your inverter goes, or a panel dies etc or some other issue. Then your system is affected or offline and your electrical costs are now higher again until you can get the cash to fix it. Lease it, no worries about that stuff, I'm with you. Plus you free up cash flow.

1.) It's still a free country, thank goodness and most people will support your right to do what you want, including me. But - opinions do vary.
2.) If a piece of equipment fails, it may likely at least be partially covered by a manufacturer's or installer's warranty. My opinion, FWIW, is that events such as that have a small, but admittedly non-zero probability. If they were high, we'd probably find out about it here. My experience is that big problems often, but not always surface at, or relatively quickly after startup. As I wrote before, I believe your fears of equipment failure(s) may be a bit larger than warranted. But, again, - opinions do vary, and there are no guarantees in life.
3.) As for instability in the job market - I cannot remember a time before, during or after my working life when a common and universal mantra didn't go something like: "Well, you know how hard jobs are to find these days...." Anyone else hear that ? The job market and our security in it will always be a consideration for most of us. I'm not sure it's a reason to lease or not lease. Seems a bit of a red herring to me.
4.) If you do find yourself out of a job, you will still have the lease payment. I believe that monthly outflow of cash to the outfit that owns the lease (probably not who sold the system BTW) has some bearing on cash flow and just how free it is.
5.) Some folks consider a lease as limiting their options - kind of like dragging a financial anchor into the future. Some don't.
6.) You can always conserve and save more $$'s. You'll always have the lease payment that you can't control and can't lower.

[Mr. Vegas]

I am in the final stages of approving a Lease/PPA agreement for a 6.25k system like similar to the OP. I would love to purchase my system outright but do not have the upfront cash plus even if I did I do not want to be responsible for maintenance or repairs. Seems that very little attention is given to the fact that while the systems may last for 20 or more years with little or now upkeep there is not guarantee of that. How much do you think it would cost to replace a few panels even if under warrantee and pay an electrician to reconnect it or replace other components. with a lease that is covered. Not saying it is the perfect solution but for some it is still a cost effective option.
Dave

With the instability in many sectors of the job market, what if you're out of work and your inverter goes, or a panel dies etc or some other issue. Then your system is affected or offline and your electrical costs are now higher again until you can get the cash to fix it. Lease it, no worries about that stuff, I'm with you. Plus you free up cash flow.

[silversaver]

And so? He still has to front the money - a lot - then wait for some maybe most of it to be reimbursed. This way, there's no upfront cost and he starts saving money immediately. I'm not claiming leasing is the best approach, I'm just saying that it and other financing methods can work to make solar pay off for the homeowner; it all depends on a variety of factors the homeowner must take into consideration.

HAHAHAHA

Relax, I'm only trying to say if he has a low lease payment, then his purchase price will also be low as well..... Just matter of calculation, that's all.

[wanabefree]

I could not have said it better

And so? He still has to front the money - a lot - then wait for some maybe most of it to be reimbursed. This way, there's no upfront cost and he starts saving money immediately. I'm not claiming leasing is the best approach, I'm just saying that it and other financing methods can work to make solar pay off for the homeowner; it all depends on a variety of factors the homeowner must take into consideration.

I am in the final stages of approving a Lease/PPA agreement for a 6.25k system like similar to the OP. I would love to purchase my system outright but do not have the upfront cash plus even if I did I do not want to be responsible for maintenance or repairs. Seems that very little attention is given to the fact that while the systems may last for 20 or more years with little or now upkeep there is not guarantee of that. How much do you think it would cost to replace a few panels even if under warrantee and pay an electrician to reconnect it or replace other components. with a lease that is covered. Not saying it is the perfect solution but for some it is still a cost effective option.
Dave

[Ian S]

It probably cost him less than 8k to own.

And so? He still has to front the money - a lot - then wait for some maybe most of it to be reimbursed. This way, there's no upfront cost and he starts saving money immediately. I'm not claiming leasing is the best approach, I'm just saying that it and other financing methods can work to make solar pay off for the homeowner; it all depends on a variety of factors the homeowner must take into consideration.

[russ]

Um... I mentioned incentives , I believe.

Yes - You are trying to make it sound too rosy - how many can get that kind of a deal.

[Ian S]

Ian - This is in NY where they have the super incentives - add that in and make mention of it.

Um... I mentioned incentives , I believe.

[silversaver]

It probably cost him less than 8k to own.

[russ]

That's a great deal. I know you'll be happy with the performance. It just goes to show that blanket statements about solar leasing never working financially don't hold up. You have to weigh all the factors: electric rate structures, equipment costs, labor costs, net metering availablility, insolation and incentives to see if solar PV saves money for you and how much. Hope you can post some pics!

Ian - This is in NY where they have the super incentives - add that in and make mention of it.

[Ian S]

So my 36 panel x21-335 all black panels are set to arrive monday am , and dealer will begin the mounting rack system. I requested the low profile rack system which just looks better and considering my location on a corner think it will better to the eye. I went down from $181 to $131 because NYS NYSERDA received something in the billions to promote residents in NY to convert to solar. I just received my con edison bill of $306 this month and its WINTER!! holy crap i hate being robbed!!! I can't wait till my solar goes online !! A few friends already are online with solar and producing pretty good numbers for winter . Hope this answers any questions people may have !

That's a great deal. I know you'll be happy with the performance. It just goes to show that blanket statements about solar leasing never working financially don't hold up. You have to weigh all the factors: electric rate structures, equipment costs, labor costs, net metering availablility, insolation and incentives to see if solar PV saves money for you and how much. Hope you can post some pics!

[ajpslp]

So my 36 panel x21-335 all black panels are set to arrive monday am , and dealer will begin the mounting rack system. I requested the low profile rack system which just looks better and considering my location on a corner think it will better to the eye. I went down from $181 to $131 because NYS NYSERDA received something in the billions to promote residents in NY to convert to solar. I just received my con edison bill of $306 this month and its WINTER!! holy crap i hate being robbed!!! I can't wait till my solar goes online !! A few friends already are online with solar and producing pretty good numbers for winter . Hope this answers any questions people may have !

[Mr. Vegas]

So I am finalized with my Solar panel lease. Went with a 36 panel 335's from Sunpower. These are the ALL black panels with no grid due to my roof being very visible in Staten Island,NY. One Sunpower Inverter, roof mount , advanced monitoring, all inspections (in ny the Dept of Buildings, etc) architect, engineers, fixing two small vent holes on roof. This setup cost me zero out of pocket, and leasing it for $180 a month, I called a few elite dealers near by and seems like everyone was in the same ballpark or a bit higher. Its a 12.06 KW system expected to produce around 16,000 KW a year and hopefully washing out my Con Edison electric bill. Wish the process with NY was easier as it take about 3-4 months for all approvals and con ed to turn it on .. Thoughts ? Think it was a great deal considering my current balanced budget just went up from $316 to $336 due to increase. Also sunpower lease has zero increase for 20 years. Thoughts ?

Same here, it's about 3-4 months of work before the system is on-line.

[Mr. Vegas]

So I am finalized with my Solar panel lease. Went with a 36 panel 335's from Sunpower. These are the ALL black panels with no grid due to my roof being very visible in Staten Island,NY. One Sunpower Inverter, roof mount , advanced monitoring, all inspections (in ny the Dept of Buildings, etc) architect, engineers, fixing two small vent holes on roof. This setup cost me zero out of pocket, and leasing it for $180 a month, I called a few elite dealers near by and seems like everyone was in the same ballpark or a bit higher. Its a 12.06 KW system expected to produce around 16,000 KW a year and hopefully washing out my Con Edison electric bill. Wish the process with NY was easier as it take about 3-4 months for all approvals and con ed to turn it on .. Thoughts ? Think it was a great deal considering my current balanced budget just went up from $316 to $336 due to increase. Also sunpower lease has zero increase for 20 years. Thoughts ?

You had stated in a follow up post that you were paying $130 a month/lease for this system. Did you make changes to the system before install to get to $180?

[KRenn]

Krenn,
we r in nyc so our prices are inflated also but happy with those prices considering they r the newer all black panel 335's ! Company is reputable doing solar for 10 years so Im happy too!

Yeah but you still have pretty solid incentives in NY, no? In Arizona there's mostly nothing now.....$0.10 a watt rebate and that is it.