Sungevity lease

[raydias]

I am sure you may have seen posts on the partnership between Sungevity and Lowe's and out of curiosity I asked for a quote. When i look at the bottom line and get past the marketing it doesn't look like a good deal. If i read it right I pay $5183 for a 1.75km system that I do not own to save $4096 in 10 years 10 years which still puts me in the hole -$1086 on a system i don't own. The buy option makes the deal at $8.10 per watt before tax credits and $5.67 after tax credits/rebates.

What are your thoughts?

Here is what i received:

System Size (STC-DC) 1.75 kW
System Size (CEC-AC) 1.49 kW
Number of Solar Panels 10
Solar Panel Type 175 Watt, BP Solar
Inverter Kaco 1502xi (240V)
Annual Production 2,443 kWh

Lease terms:
10 year with 5 year lease extension
$5183 down payment (with no monthly lease payment)
$4000 down payment with $14 per month lease payment and a foot note at the end of the quote (my favorite)
For the Sungevity Solar lease, $0 is due upon contract signing and no security deposit is required. Lease payments will be subject to an annual increase of 2.5% each year for 10 years, based on approved credit.


If i buy the system
All Inclusive Cost $14,658.00
Less State Rebate ($47
Amount You Pay $14,180
Less Federal Tax Credit ($4,254)
True Solar Cost $9,926
Investment Return (IRR) 7.8%

From the FAQ:
1. WHAT'S THE DEAL WITH THE SUNGEVITY SOLAR LEASE

[Mike90250]

hey, another person that can do math! Unless you have high electric rates, and/or a compliant population that allows you to
force them to pay for your system (tax rebates) it's hard to get a pay off/break even in <15 years

[Naptown]

Look at different local installers you probably will be able to get a better deal. Lowes is generally not the bes deal on this type of thing.

[raydias]

I did this just out of curiosity. A few bids i have received so far have been inflated like this one. The other bid was for 2kw system 15k before rebates.

too bad a number of people will get hooked into this and not know any better

[Solar Forward]

Lease is not the best deal unless...

All lease deals are not the same and most will cost you more money and more headaches in the long run.

The bottom line is if you work with a local company with a great product you will be happy for a long time.

The big companies are funded by large banks with no end game. It is just a financial product to them and they will sell your lease to a third and even
fourth party as time goes by.

It is best to own or find a lease like Sunpower that has an end game within the time you plan to live in your home - with no open ended charges.

Own or use extreme caution!

[russ]

All lease deals are not the same and most will cost you more money and more headaches in the long run.

The bottom line is if you work with a local company with a great product you will be happy for a long time.

The big companies are funded by large banks with no end game. It is just a financial product to them and they will sell your lease to a third and even
fourth party as time goes by.

It is best to own or find a lease like Sunpower that has an end game within the time you plan to live in your home - with no open ended charges.

Own or use extreme caution!

Sunpower holds the leases in their investment portfolio?

Where they get the money to make all this investment.

Their leases are subject to sale just the same as anyone else's.

The end game stuff is hokum.

[KRenn]

Sunpower holds the leases in their investment portfolio?

Where they get the money to make all this investment.

Their leases are subject to sale just the same as anyone else's.

The end game stuff is hokum.

This. Sunpower is running their leases through TCC or some other intermediary.