Knowing what goes into any contract is important. The last time you didn’t read the fine print before signing something, you probably ended up with an inbox full of spam.
In the case of solar, we’re talking about something that’s going to be with you for years. And that’s why you’ve got to be sure that the contract you sign has your best interests at heart.
That’s why, today, SolarCity is publishing our residential solar contracts. We’re proud of them, and have worked hard to make the contracts transparent and fair for consumers. These contracts have been more scrutinized than a bottle of kombucha in a TSA security line.
And because a contract is by nature a fairly dense document, we’re pairing it with a simpler, more friendly infographic: Top 5 Solar Contract Tips. Most solar contracts will have their own wrinkles, but these five things should be present in every contract, no matter what.
Tell us what you think!
My pet peeve with solar leases is the buy-out provisions, should I need to sell my house and move. (Most Americans will NOT own their house for 20 years.) I see some great stuff in this lease compared to leases I looked at a few years back.
Hey solar shoppers – look at the bottom of page 6, where it says that you can purchase the system any time after 5 years, if you’re selling the house. That’s important, because your prospective buyer really doesn’t want your old lease! I also am impressed to see that Solar City will allow you to move it to another home, if it’s in the same utility area. (Not sure how they’re doing the paperwork, production differences, etc for that, but very cool!)
One concern, and this is the big one I have with other lease companies: how much will it cost to purchase?
The text says the greater of fair market value or schedule A. So that means schedule A. Since it’s blank on this sample lease, I can’t tell if this is more good news, or bad news. But it’s really important. There are lots of lease companies that seem to be charging (much) more than the cash price on day-1 to buy-out the lease in year-7. If Solar City is bucking this trend, then I’m impressed!