Buying Vs. Leasing Solar Panels
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- Опубликовано: 22 май 2024
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Solar Surge will teach you all about being energy independent and how to set up your home to run off-the-grid during an emergency. We empower families to take control of their energy generation and storage so that they will never be left in the dark without electricity.
In this video, Joe discusses the best route to go when purchasing your solar panels. Should you buy or lease?
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It should be made clear that Leasing companies hyper-inflate the valuation of their solar systems so they can make the tax credit bigger for themselves. The problem with this is that when someone goes to sell their home, the buyer usually demands the system be paid off because of how expensive the lease payments are. When the seller has to buy out the system, it can be as much as twice the net cost of the system had they paid cash for it, and they had paying on it for years…
Unless the lease payment is low and makes sense.
Homes with Lease sells faster than loans
@@robsudden24 the lease payment is always higher than a financed payment because of how the cost is inflated. I’m sure some sell faster, but I know that the transfer of the lease can absolutely slow down escrow timelines. Vivint is known for taking forever on transferring leases.
@@alecanderus, my monthly lease payment is $82/month during year 1 and $128/month during year 25. But for sure I will buy it during year 5. It will cost me $5222 for 5 years lease, and by that time I think my 18-panel system's fair market value is at least 20% cheaper. Plus I don't have to pay thousands of $ for maintenance cost during the 5 years. So both maintenance and headache free. This works because my roof was only 2 years old when I got the system installed. So it really is depending on your situation.
Great information!
Good information for people. The company I work for does in house financing so we offer a low apr of 2.99% right now. I don’t do ppas at all they are garbage for customers. When I have to do a lease I set the escalator to 0 so the customer have the same payment over 25 years. We also do battery retrofits to existing systems. Only Tesla Powerwalls though.
I learned something new about the least vs cash debate. Thank you.
I’m very happy with my 10kw REC Alpha+Enphase rooftop system.
great content
Being a Veteran with a VA Guaranteed Loan on your home makes the solar system lease much more practical. At least the bank will not see a lien on the property from a solar system loan and foreclose on your house. Also if you income happens to be VA disability, that tax write off buying a system would give you won't be useful to you as you income is tax free. So leasing a solar system with no money in and the company maintaining the system works for me.
Leases have their place typically with clients on fixed income/low income, in their forever home, want savings, no tax liability, and then only if I can offset 80-100% offset and if they move and new homeowner does not want to assume the lease then a prepaid makes sense and add it to the resale of the home. The new homeowner now has no lease payments or electric bill and still has all warranties from the leasing company.
Great information, I leased and there is an option to ‘cash it’ out. I also have Enphase batteries, however with the SGIP program here in California I got a rebate of about 90% on the cost of the battery install so it is all worth it overall. Side note, I was surprised to learn recently that solar panels don’t work during an outage if you don’t have batteries! Thanks for your videos, all very informative.
There's an exception to the "solar panels don't work during an outage if you don't have batteries" issue. With the latest Enphase microinverters, you can have what they call "sunlight backup" where the microinverters can form a local grid without batteries during the day. It's not as robust as battery backup, of course, but it's better than nothing and would be enough to keep most folks' critical loads such as the refrigerator going. But yeah, for the most part, if you don't have a battery you're pretty much hosed.
@@garycox7508 Thanks, that is good to know that feature exists. I have IQ 7 microinverters, so I would have to change them out, but then we already have batteries. With the speed at which some of the solar tech improves, it would be very hard to always have the ‘latest’ available.
Solar panels work during power outages, they are just turned off automatically to prevent power flowing back to the grid. That way line workers don’t get electrocuted while working on downed power lines.
How much do you get for renting the space to the solar system owner?
I have a leased system 6 years into it. I purchased the home with the system in california. We are debating to outright purchase it we have that option in the contract. Does it make sense to do that? I know we will be completely responsible for any repairs or maintenance. Just wanted to get your thoughts. Thanks
Hi guys
I recently bought a house with 28 solar panels. right now the solars are disconnected because the hose was for sell. Previous owner paid off the solars and they said” I should call the solar company to they send somebody to reconnect the solars” I called to the company and they said the solar is paid in full and we need to run your credit now, I asked why ? They said because we should make sure you are eligible or no 🤯 I denied to they run my credit because the solars are paid off and ask them to send somebody to reconnect solars but they didn’t .
What should I do guys help me
I really enjoy your content. You're info reminds me of my mentor in solar, Matt Stoutenburg in Tustin with Peak Power Solutions. You have the same mindset. Is your background as a tradesman as well?
Yes. I still carry an electrician's license.
@@SolarSurge 👌👌 I really enjoy the vocabulary you use to explain concepts. I've picked up on a few terms and use them in my presentations. It really helps from a sales perspective differentiate myself from other sales reps in speaking the language from a tradesman's perspective rather than a salesman's perspective. In solar content online I think yours is by far the most informative and most well presented. Here's a similar video from Matt he did back in 2017 on methods of purchase in solar...if you're interested in taking a gander :) ruclips.net/video/k4xpcv4xOe4/видео.html
A few months ago, I had heard that the federal government was working on a program for those of us who are handicapped or retired to be able to save money going solar. Something equal to the tax incentive given to those still able to work. Do you know if this has happened or if it is in the works??
Won’t happen unfortunately
In New York we can’t have battery back up
😁 👌 👍
I leased my solar system from momentum 4 years ago, now my roof is leaking and I need to have to panels removed and reinstalled, do you think momentum solar will remove and reinstall free of charge or I would have to pay for it?
Momentum should honor all warranty service requirements so long as they are still in business. If not, contact the leasing company where you send your payments. Tell them you don’t want to make another payment until the system is fixed. They may send someone else to make repairs.
Which type of system is the most profitable for the sales organization?
Lease
4.78 kw system with 12 panels, inverter and 1 Tesla power will with 50k loan is high?
Sounds high but it depends on what kind of loan. For a cash price, that is too high.
@@SolarSurge Adjustable loan and if put 30% down within 18 months, monthly will be fix 25 years
May i know price range? Thxs 🙏
High, OMG I just got a $20,000 quote on a 9 kw system.
DO NOT LEASE!! It is a rip off. If you cannot buy them ought right forget about it. 6.5 to 8 years for pay off, that is good deal. Lease you wind up with nothing. Not to mention if you go to sell you are stuck with the lease. And watch out for door to door hucksters, they are only there for commission. Not your buddies, just salesmen, who will sell you what ever they have in stock.
So my understanding is that when you sell your home the lease is transferred to the new owner without major difficulties, So my question is how do you get nothing from a lease if your paying less for power for 25 years?
I didn't get much from this. I think a side-by-side comparison of costs, both monthly and over the long term would be much more helpful. Also, you kind-of glossed over the issue of selling the home with a leased system installed. If the prespective home buyer really doesn't want to assume the system's lease, then what happens? I've heard of a few instances of this and some of the scenarios can be ugly. Finally, I firmly believe a home solar system without batteries for back-up is crippled at the outset. And here in Arizona that means a battery bank that can also support the operation of air conditioning when commercial power is out, which is a hefty load.
There is a provision in the new IRA law that allows customers with no tax liability to sell the Investment Tax Credit
How does that work? Where do you send/sell that tax credit?
You can sell it to friends or family for starters. Many business people buy tax equities. You will need to do some leg work to find them. I would start by asking tax advisors and financial planners if they know anyone that might be interested. There is a construction company in my area that buys over $100,000,000 per year in tax equities. you won't get full value for these but you may get as much as 80 cents on the dollar. That's a lot better than not getting anything.@@junhugo1117
A disabled veteran at 100% disabled won’t be taxed.
Do you like having money? Don't lease. The end.
I an interested in a replacing all of the 16,000kwh that I used last year. How big of a system do I need? Las vegas 89135, roof facing south. Got a bid below, what do you think of these components?
System Size
Panel
Micro-inverter
CanadianSolarInc.
EnphaseEnergyInc.
CS6R-395MS-HL+ IQ8M
IQ8M-72-2-US
8.69 kW
x22
x 22