We just looked at a few houses all at the beginning stages of 25 year solar panel leases with no option to own. What’s going on with these leases? I personally don’t want to assume a lease after already buying a house. They don’t get the tax credits. Are leases worth it or does it depend on financial circumstances?
Edit:
My question is how are these leases looking good? Are they somehow advantageous? We don’t see it.
Solar panel leasing question
byu/lancea_longini inRealEstate
Posted by lancea_longini
8 Comments
Hell no. They got fleeced you have the power here
You have 2 choices. Assume the lease, negotiate a pay off the with the seller, or walk away. Not sure if it’s worth it but those are your options. No getting out of that lease unless it’s paid off. They will not be removed if leased.
They’re as close to scams as you can legally get. I’d do some serious research to see how problematic these leases are.
Some are scammy and the payment significantly increases over time. Others aren’t so bad and there are some savings. Also, the lease will affect your debt to income ratio, so you’ll qualify for less on a house with solar. Ask to review the lease info prior to making an offer.
Calif broker here.
Ugh! They don’t make financial sense and buyers don’t want them.
Walk. Do NOT buy a house that you assume a solar lease on.
OMG they have found a way to sc*** people even more on solar panels, a lease!
did the math on a lease offer that a relative almost signed. $350/month locked utility bill plus $114k total lease payments after 25 years. buying up front would have been about 32-40k.