Solar Contract Signed with Sunpower

[TJBOB]

Installing solar panels

I live in Staten Island (part of New York City five boroughs) I just signed up with a company called Trinity solar company is based in New Jersey, I did get at least another 3or4 estimates (EmPower solar,GEOPEAK ENERGY, SEA BRIGHT SOLAR, sungevity solar) but they were all close to double the price that I wind up signing for so I believe I did get a good deal.?? I did a prepaid lease with a up front payment of $ 9777.00 for a 6400 kwh system, (with 23 Trina panels /sb5000tl inverter) panels are guaranteed for 25 years and inverter is guaranteed for 20 years, (parts and labor )the panels are insured against liability breakage or theft by the company that's installing them (my homeowners premium will go up approximate $ 66.00 a year,) Because I live in one of the five boroughs I will get a 10% property tax rebate which comes out to $2060.00 spread over a four-year period plus $421 back on tax that I paid on the system, plus savings on my con Edison energy bill of approximately $1700 a year I would estimate in approximately 4 1/2 years I will break even , I am retired and I do not have any taxable income. If I was still working and I had a taxable income I would be able to claim New York State tax rebate of approximately $2600. Solar prepaid lease works out better for me than the outright purchase, because of not having any taxable income, (if someone has any inputs on this I would like to hear it thank you,

[pleppik]

(if someone has any inputs on this I would like to hear it thank you,

It sounds like you did your homework.

Good luck, and post photos when they do the installation.

[Ian S]

(if someone has any inputs on this I would like to hear it thank you,

I agree with pleppik; it sounds like a good deal to me. Since it's a prepaid lease I would assume all problems are covered for 20 years. Also, if the lessor is insuring the panels, not sure why your homeowner's insurance is going up. IIRC, many insurance companies don't penalize you for solar especially if the panels are leased and insured by another party.

[J.P.M.]

I live in Staten Island (part of New York City five boroughs) I just signed up with a company called Trinity solar company is based in New Jersey, I did get at least another 3or4 estimates (EmPower solar,GEOPEAK ENERGY, SEA BRIGHT SOLAR, sungevity solar) but they were all close to double the price that I wind up signing for so I believe I did get a good deal.?? I did a prepaid lease with a up front payment of $ 9777.00 for a 6400 kwh system, (with 23 Trina panels /sb5000tl inverter) panels are guaranteed for 25 years and inverter is guaranteed for 20 years, (parts and labor )the panels are insured against liability breakage or theft by the company that's installing them (my homeowners premium will go up approximate $ 66.00 a year,) Because I live in one of the five boroughs I will get a 10% property tax rebate which comes out to $2060.00 spread over a four-year period plus $421 back on tax that I paid on the system, plus savings on my con Edison energy bill of approximately $1700 a year I would estimate in approximately 4 1/2 years I will break even , I am retired and I do not have any taxable income. If I was still working and I had a taxable income I would be able to claim New York State tax rebate of approximately $2600. Solar prepaid lease works out better for me than the outright purchase, because of not having any taxable income, (if someone has any inputs on this I would like to hear it thank you,

If you're happy, that's all that matters and if so, you are successful. Congratulations.

[TJBOB]

I agree with pleppik; it sounds like a good deal to me. Since it's a prepaid lease I would assume all problems are covered for 20 years. Also, if the lessor is insuring the panels, not sure why your homeowner's insurance is going up. IIRC, many insurance companies don't penalize you for solar especially if the panels are leased and insured by another party.

i belive in case of fire then my ins co. would pay to replace panels

[Ian S]

i belive in case of fire then my ins co. would pay to replace panels

Many leases include coverage for all losses. It might be worth your while to confirm that you are responsible for insuring against fire. It should be spelled out in your lease document.

[TJBOB]

Many leases include coverage for all losses. It might be worth your while to confirm that you are responsible for insuring against fire. It should be spelled out in your lease document.

I will look into it.(but in todays times getting the rite awnsers is not easy)

[russ]

I will look into it.(but in todays times getting the rite awnsers is not easy)

Ask the right place - might start with the state insurance commission - in most states the insurance commissioners office details what has to be in a policy at a minimum. "todays times" have nothing to do with it. Getting information is easier than ever due to the internet actually.

[ajpslp]

So far here are the details :
Con Ed (local Power company) Billing cycle started on Feb 7
Solar turned on Feb 11
USed 120 kWh from Feb 7-11.
Starting the 11th to march 11 i was negative 9 kWh with solar. Biggest production was 58.5 kWh on feb 28 .
So far this month March 11- present I'm minus 83 kWh so I'm SUPER HAPPY !!!

[TJBOB]

Ask the right place - might start with the state insurance commission - in most states the insurance commissioners office details what has to be in a policy at a minimum. "todays times" have nothing to do with it. Getting information is easier than ever due to the internet actually.

you are rite in what you are saying, but i called my ins co (all-state) 4 times and its 2 for 2, 2 said i need extra fire ins and 2 said no exra coverage is needed i am waiting till they start installing the panels and i will go to a all-state office and get it in writing eather way.

[russ]

you are rite in what you are saying, but i called my ins co (all-state) 4 times and its 2 for 2, 2 said i need extra fire ins and 2 said no exra coverage is needed i am waiting till they start installing the panels and i will go to a all-state office and get it in writing eather way.

Years back I had an insurance problem with my home when I was out of the country for extended periods ad the home was vacant. In that case I learned all companies had the coverage I needed but the average agent is a bit of a dunce. In North Carolina what they covered and didn't cover was controlled by the state insurance commissioner.

I just had to find an agent that understood what he was selling. The state insurance commissioner's office might be a place to start. Most likely your all-state office will be useless.

[Volusiano]

i belive in case of fire then my ins co. would pay to replace panels

So the lessor is not insuring the panels and you have to insure through your own policy?

[inetdog]

So the lessor is not insuring the panels and you have to insure through your own policy?

That happens all the time with home mortgages. With the possible difference that a mortgage holder will require proof of insurance and will bill you for their inflated policies if you do not get one on your own.

[Volusiano]

That happens all the time with home mortgages. With the possible difference that a mortgage holder will require proof of insurance and will bill you for their inflated policies if you do not get one on your own.

I thought I read somewhere before from a poster in the NY/NJ area and he specifically stressed a big advantage of a solar lease which is that he does not have to worry about damage to his leased solar system in case of hurricane like Sandy because the lessor would be self insured for the system instead of the homeowner.

I guess not all leases are the same in this regard.

[Ian S]

I thought I read somewhere before from a poster in the NY/NJ area and he specifically stressed a big advantage of a solar lease which is that he does not have to worry about damage to his leased solar system in case of hurricane like Sandy because the lessor would be self insured for the system instead of the homeowner.

I guess not all leases are the same in this regard.

Directly from my signed Sunpower solar lease:

6. Insurance; Risk of Damage and Loss: Property insurance covering loss of or damage to the System for the term of this Lease is provided by Lessor and you will not be responsible for insuring the System. You agree to carry homeowner’s insurance that covers all damage to your Premises. You are responsible for contacting your insurance carrier regarding the installation of the System and procuring any additional homeowner’s insurance required to cover your Premises following installation.

Lessor shall bear the risk of loss, damage, theft, destruction or similar occurrence of any part or all of the System during the time the System is either installed on your Premises or is being installed on or removed from your Premises, except in the event that you damage or destroy the System intentionally or through your negligence, in which case you will be held responsible for the cost of such damage or loss to the System. No incidence of damage or loss will excuse you of your obligations under this Lease, including during the period of time when the System is being repaired or replaced by us.