Re buying solar panels/not leasing

[TJBOB]

I meet an old friend at a wedding this week end, we both had the same interests of installing solar panels, I am going for the prepaid and he said he was going to buy outright (because he is still working and can receive all tax credits) I mentioned that mine would guaranteed and serviced by the co. he told me that his would have the same guarantee as I am getting? The way I understood it if you buy outright you are on your own? Does some one know what he said is true? We both live in the New York City area

[Ian S]

i did get about 4 est this one seems the best, the other ones were about 15,16,000.00 for prepay (they are all about the same except for cost. 20year lease system maintand buy they) i would buy outrite, about $20,21000.00 but then no maintence i am on my own, i am retiered with no taxable income, so no tax credits,i dont plan on selling, but if i do the buyer will have no elec bill for up to 20.years depending how many years are left on lease. after the 20 years home owner( me or who ever) can have the system removed at no cost (if CO. still around) or lease it for 5 mor years, (i dont know if there would be added cost) i am 73 years old dont think it will my problem?

If you can't make use of the tax credits, then the prepaid lease is your best bet. Sounds like you've compared vendors and found the best deal. Trina panels should be OK; what inverter are they proposing? One last thing before you sign off: get a copy of the lease, read it thoroughly and if you don't understand anything, you might want to ask an attorney. Be comfortable with every clause as you'll be living with it for a long time. Pay specific attention to what happens at lease end, the procedure if you sell before the lease ends, if the lessor provides insurance coverage, how the performance guarantee is structured and whom you call if there's a problem.

[TJBOB]

You appear to be assuming that the system will offset all your electric costs. Make sure that's the case. If I were you, I'd get a couple of other quotes including at least one to buy outright. With the huge incentives available in NY, either leasing or buying can work out financially for you. Here's a discussion of the various pros and cons. You might want to read that entire thread. How you perceive the importance of the various factors to your situation will guide your decision. Some would say that a general rule of thumb is that the prepaid lease cost should be less than the net cost of purchase after all incentives are accounted for. But that would be for you to decide after considering all the factors.

I think the important thing is to get additional quotes at this point.

i did get about 4 est this one seems the best, the other ones were about 15,16,000.00 for prepay (they are all about the same except for cost. 20year lease system maintand buy they) i would buy outrite, about $20,21000.00 but then no maintence i am on my own, i am retiered with no taxable income, so no tax credits,i dont plan on selling, but if i do the buyer will have no elec bill for up to 20.years depending how many years are left on lease. after the 20 years home owner( me or who ever) can have the system removed at no cost (if CO. still around) or lease it for 5 mor years, (i dont know if there would be added cost) i am 73 years old dont think it will my problem?

[Ian S]

ive done a lot of reading, and thinking of going with prepaid (????) with SUNRUN who uses TRINITY SOLER to install the panels ( i live in the NYC area) has any one used them? and were you happy with them?SYSTEM size 5.500 22 trina panels 250s black frame PV powerd (my cost $9,841 after SUNRUN takes all tax creadit and rebaits) it cost me about $1700.00 a year to con-ed) it could take 6 years to brake even? any input would HELP

You appear to be assuming that the system will offset all your electric costs. Make sure that's the case. If I were you, I'd get a couple of other quotes including at least one to buy outright. With the huge incentives available in NY, either leasing or buying can work out financially for you. Here's a discussion of the various pros and cons. You might want to read that entire thread. How you perceive the importance of the various factors to your situation will guide your decision. Some would say that a general rule of thumb is that the prepaid lease cost should be less than the net cost of purchase after all incentives are accounted for. But that would be for you to decide after considering all the factors.

I think the important thing is to get additional quotes at this point.

[russ]

ive done a lot of reading, and thinking of going with prepaid (????) with SUNRUN who uses TRINITY SOLER to install the panels ( i live in the NYC area) has any one used them? and were you happy with them?SYSTEM size 5.500 22 trina panels 250s black frame PV powerd (my cost $9,841 after SUNRUN takes all tax creadit and rebaits) it cost me about $1700.00 a year to con-ed) it could take 6 years to brake even? any input would HELP

Six years to break even on a lease? How many years do you plant to live there?

[TJBOB]

ive done a lot of reading, and thinking of going with prepaid (????) with SUNRUN who uses TRINITY SOLER to install the panels ( i live in the NYC area) has any one used them? and were you happy with them?SYSTEM size 5.500 22 trina panels 250s black frame PV powerd (my cost $9,841 after SUNRUN takes all tax creadit and rebaits) it cost me about $1700.00 a year to con-ed) it could take 6 years to brake even? any input would HELP

[TJBOB]

thank you i have a lot to read and learn

[Ian S]

they may be available but i cant seem yo find them so a link or a little more info.would will realy help

Here's a thread. Here's another.

The pros and cons of purchase are reasonably clear: you own the system outright forever but are responsible for maintenance and getting warranty claim satisfaction. You also have to come up with a big chunk of money either by taking out of savings and/or some kind of financing. If you have the money in a bank account paying nothing that's one thing but if for example, your source is to tap retirement funds then that's probably a bad idea. Apparently companies (see naptown's comments on Sunpower) are developing methods of financing specifically for solar purchase which could be looked at too. Also if you use a chunk of your own money to make the purchase you aren't saddled with monthly payments but you are if you finance.

Monthly leasing with little or nothing down has the advantage of no big upfront payments but you are saddled with monthly payments for 20 years and at the end of that time you still don't own the system. If you sell the house before the 20 years are up, you either have to have the new owner take over the payments or you buy out the lease at fair market value. That may cause prospective home buyers to balk. An interesting lease question is what happens at the end of 20 years - will the lessor actually remove the system if you say you don't want it anymore (usually the lease has some clause saying you can have the system removed at no cost to you)? Or will they abandon it as not worth the cost of removal? At this point no one knows for sure what will happen. Maybe you'll be glad they take the old thing off because your roof needs replacement and you can get a new system with warranty for a good price. Or maybe you'll desperately want the system kept in place because your utility requires a new install to pay a grid access fee of $100/mo! Don't laugh that nearly happened here in Arizona last year.

A prepaid lease is less common these days and shares pros and cons of both purchase and monthly leasing.

[J.P.M.]

they may be available but i cant seem yo find them so a link or a little more info.would will realy help

Sorry for the confusion. I was referring to the threads. I'm not sure links to specific thread topics that are that specific exist. A few minutes of rooting around will likely produce the desired result. Very informative as well.

[TJBOB]

they may be available but i cant seem yo find them so a link or a little more info.would will realy help

[J.P.M.]

can someone give a link to the threads on the forum about leasing or buying i cant seem to find them

I'd respectfully suggest they are available for the looking.

[Naptown]

Sounds like an interesting option and presented by a guy in the business and the know but no skin in this game.

Correct I have no skin in that game.
I say this only because in Massachussets the sunpower financing is rapidly taking over as the no money down option of choice as far as market share goes. Sunpower is increasing market share and Solar City is losing market share at a very large rate.

[TJBOB]

can someone give a link to the threads on the forum about leasing or buying i cant seem to find them

[russ]

You are on Staten Island. It may be worth your while to liook into a Sunpower financing option. Interest rates are low you can go with a no money down or a downpayment that suits your needs and comfort zone.
You may be a but upside down for a bit but at the end of 12 years you own the system, there is no escalator clause on the payments and no hinderance to selling your house as with a lease should you decide to sell.

Sounds like an interesting option and presented by a guy in the business and the know but no skin in this game.

[Naptown]

You are on Staten Island. It may be worth your while to liook into a Sunpower financing option. Interest rates are low you can go with a no money down or a downpayment that suits your needs and comfort zone.
You may be a but upside down for a bit but at the end of 12 years you own the system, there is no escalator clause on the payments and no hinderance to selling your house as with a lease should you decide to sell.