Hi All,
I bought a brand new condo (upland, ca) that has solar panels (from solar city) on it. Before purchasing, I asked the seller's agent if I could opt out of solar and she said yes. However, we're almost about to close and I find out I can't opt out (per the solar company) since it's already installed. At this point, I rather not go look at other places and the location of this condo is perfect.
Solar system
1) Leasing solar for $76.11 for 20 years. "If you are not in default under this Lease, you will have an option to purchase the System at the end of the Lease Term for $12,121.20."
2) Prepaid lease $9,360 which covers 20 years with maintenance and warranty, etc...
3) Purchase system outright: $13,447.20 initial - $4,034.16 tax credit = $9,413.04 net. I would need to purchase insurance.
Option 1 sounds terrible. Also, I'm planning to sell my place in 5 years so leasing wouldn't be great since people wouldn't want to be stuck with a contract.
Would anyone here actually consider prepaid lease over purchase? Thanks.
Mike
I bought a brand new condo (upland, ca) that has solar panels (from solar city) on it. Before purchasing, I asked the seller's agent if I could opt out of solar and she said yes. However, we're almost about to close and I find out I can't opt out (per the solar company) since it's already installed. At this point, I rather not go look at other places and the location of this condo is perfect.
Solar system
- 3.120 kW DC producing an estimated 5,372 kWh (first year)
1) Leasing solar for $76.11 for 20 years. "If you are not in default under this Lease, you will have an option to purchase the System at the end of the Lease Term for $12,121.20."
2) Prepaid lease $9,360 which covers 20 years with maintenance and warranty, etc...
3) Purchase system outright: $13,447.20 initial - $4,034.16 tax credit = $9,413.04 net. I would need to purchase insurance.
Option 1 sounds terrible. Also, I'm planning to sell my place in 5 years so leasing wouldn't be great since people wouldn't want to be stuck with a contract.
Would anyone here actually consider prepaid lease over purchase? Thanks.
Mike
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