CONNECTICUT SOLAR INCENTIVES
Don't Get Caught In The Solar Leasing Company Trap !
Know The Facts Before Signing That Airtight Solar Lease Contract.
1. Add up your payments on that zero down solar lease and you'll find that you'll be paying up to triple the cost for a solar system when compared to purchasing a solar system.
Why do the leasing companies charge you so much more for their systems ? Because their investors get a bigger tax credit when they charge you more for your leased system.
2. The zero down solar leasing company will take the 30% Federal tax credit worth thousands of dollars that should have gone to you.
3. Instead of a solar lease you can apply for a $0 down FHA solar loan. A solar loan is easier to qualify for and you don't need any equity in your home. With a solar loan instead of a lease, you'll get to keep all of the applicable financial incentives and best of all you'll own your solar system instead of renting it for a much better return on your investment.
4. Part of a solar lease salesperson's sales pitch is that you'll get free maintenance, monitoring and a longer warranty when you lease their solar system.
But if you do the math, you'll find that you'll be paying up to triple the cost for your solar system when compared to buying so in reality, whose paying for the maintenance, monitoring and longer warranty ?....... Why you of course. There's nothing free about it.
How nice of you to pay for the maintenance, monitoring and warranty of a solar system that doesn't even belong to you.
5. You may have trouble selling your home because many home buyers will not want to assume your remaining lease payments on a used solar system that's using yesterday's technology, when they can buy a brand new solar system using the latest technology for tens of thousand of dollars less.
6. Your solar lease contract may include a payments escalator that will increase your monthly lease payments by up to 2.9% per year every year for up to 20 years.
7. After making 20 years worth of lease payments, the solar system will still belong to the leasing company. If you want to own the solar system, you'll still have to buy it from that Connecticut solar leasing company at fair market value.
8. At year 20 if
you had purchased your solar system instead,
your system would have up to another 15 to 20
years worth of income generating potential. When
you lease a solar system, at year 20, you'll
have to give your solar system back to the
leasing company or you'll have to buy it from
them at fair market value if you want to keep
9. And to add insult to injury, with the weather worsening like it is and power outages on the increase, with a solar lease you probably won't have any backup solar power.
So when the lights go out in your Connecticut neighborhood, even while the Sun is shining and even though you've made all those leasing payments on all those solar panels on your roof, most leased solar system are designed to turn themselves off, leaving you without power for as long as the power outage lasts.
In fact, in most cases you won't even be allowed to add battery backup power to your leased solar system's inverter. You would have to completely pay off 20 years worth of lease payments, then buy your leased solar system from the leasing company and then and only then would you be allowed to add an emergency power option to your leased solar system.
Here's a comment
that was recently posted on one of the
business rating sites concerning a solar leasing company that serves the Connecticut area. (The name of the leasing company was intentionally deleted)
"We signed a solar lease with xxxxx xxxx. Wish we had done more research (Even though we did do some). Even though it's 0 down and low monthly payments, we didn't realize that our payments will be going up every year. At the end of our lease our payments will be over $300, A MONTH. We hardly ever paid over $300 a month with SCE. Only once or twice a year in the summer. Also, we have been contemplating the possibility of Short selling our house, and are seeing that these solar panels are going to be a HUGE hinderance in doing this. Even if we wanted to do a regular sale, with the housing market prices the way they were, if we could get what we owe on the house, we would have to add another $50,000 to the sale price because of the solar panels. Bottom line....if you can't afford to pay for them or finance them, DON'T LEASE! We are really sorry we did."
The List Goes On And On.....
Before you sign that airtight solar leasing contract, we suggest that you have your attorney and your accountant read the fine print. When compared to purchasing a solar system, especially as low as prices are today, a solar lease will probably turn out to be one of the worst investments that you'll ever make when compared to buying instead.
Today a name brand, average sized 4.75 kW grid
tie solar system that will produce up to 600 kWh
per month with only 5 hours of peak sunshine per
day, can now be purchased for less than $2.20 a
watt after applying the tax credit or less than
$11,000. No solar leasing company on the planet
can approach this level of pricing.
COMING SOON TO CONNECTICUT
The World's Most Powerful, Lower Cost, Double Sided, See Through, 1/4 Inch Thin Solar Panel With Up To 22.2% Efficiency, A 94.3% PTC To STC Ratio And A -60C Extreme Cold Temperature Rating.