Does the 20 year lease with SolarCity report to your credit report?

[mm6oc]

SolarCity 20 year lease:

Did it report to your credit bureas as an installment lease? Did it show a large balance on your credit report like an auto lease? (E.g. $120/month for 20 years // $28,800).



They also said it was a soft pull to run your credit, can anyone confirm if this is true?


Thank you!!

[SleepingDragon]

SolarCity 20 year lease:

Did it report to your credit bureas as an installment lease? Did it show a large balance on your credit report like an auto lease? (E.g. $120/month for 20 years // $28,800).



They also said it was a soft pull to run your credit, can anyone confirm if this is true?


Thank you!!

SolarCity did a hard pull on my credit without even asking me. The rep who showed up just proceeded and then told me I qualify. So, it's no soft pull... This was about a year ago, unless they changed their habits.

[J.P.M.]

SolarCity did a hard pull on my credit without even asking me. The rep who showed up just proceeded and then told me I qualify. So, it's no soft pull... This was about a year ago, unless they changed their habits.

More anecdotal reason to avoid the green truck folks solar zombies.

[mm6oc]

SolarCity did a hard pull on my credit without even asking me. The rep who showed up just proceeded and then told me I qualify. So, it's no soft pull... This was about a year ago, unless they changed their habits.

Did you go through with them? If so, are they reporting the lease as a monthly installment on your credit report? (E.g. $120/month for 20 years // $28,800).

I asked a couple of reps who said that for sure they don't report to your credit report... Neither the 20 year lease or 30 year "MyPower" loan reports.

[Naptown]

You miss a payment and you can be sure to be reported just like a car lease.

[Ben25]

They just showed up in my neck of the woods. Should be interesting when they realize how few people live in Vermont...

[Ben25]

Well, 3.5 years later, they are no longer SolarCity, they pissed off a bunch of people, and now they are installing mostly car chargers and Powerwalls with the occasional PV array. They've layed off most of their people here... I think they're still running 1 crew with a couple sales guys.

[J.P.M.]

Well, 3.5 years later, they are no longer SolarCity, they pissed off a bunch of people, and now they are installing mostly car chargers and Powerwalls with the occasional PV array. They've layed off most of their people here... I think they're still running 1 crew with a couple sales guys.

They proved the smart money right that they're scumbags. Just took a while for them to do themselves in.

[JSchnee21]

Do not lease. Do not lease. Do not lease. Oh, did I mentioned, do not lease!!!

This board is riddled with folks who leased and then realized 3 to 5 years later that they cannot sell their home, cannot get out of their lease, paid too much for a tiny system that was poorly installed. One poor senior (who was sold something he didn't even understand, God rest his soul) got roped into a lease and his panels were shaded by the neighbor's house (not trees) the majority of the afternoon and so never produced anywhere near what the installer had claimed.

No ill will intended. But everyone here will tell you to never lease or enter into a PPA to get solar. You will not save money. You will not break even. You will regret it. (Full Disclosure -- There might be couple folks here who got in early on SunPower or other early lease agreements (say ~10 years ago) and then had the extra money to buyout their contracts early and did okay. These folks still live in their homes so financially came out ahead).

Depending on where you live, your PoCo's cost per kWh, your usage, your climate, if you're getting screwed by an abusive TOU plan, etc. investing in solar with cash or a loan can definitely make sense. In some regions of the US you may break even in as little as 5 years depending on Federal and State incentives. In other states it may take 8 to 10 years. So unless you plan to live in your house until you break even, don't even consider solar.

Just sayin . . .

[Ampster]

The other thing that happens with a solar lease is it is an encumbrance on your title. Since it is an obligation it will decrease the value of your home, versus the increase you will most likely get from installing solar.