When your looking to install solar panels in Syracuse and Central New York may be tempted to finance your solar panels through a solar lease. Read this before you decide to sign any binding lease.
Did you know?
A Lease company can VETO any home sale and most potential buyers will not want to purchase a home and be obligated to assume with lease.
The solar panel lease company will demand many things that are not in your best interest. The lease company first will structure their contract so that they can gain the 30 percent Federal Tax Credit as well as the NYSERDA solar Grant . This is money that is being given to the solar lease company to build their assets rather than increasing the value of your home.
Before you sign any solar lease contact Syracuse Solar and Wind and compare our price Warranty, and financing plans.
Solar Ownership of a typical 5000 watt solar system @3.25 per watt of Solar Panels installed
|Your Cost||To The Owner|
|Total Contract Cost||$16,250|
|Federal Tax Credit||$3,375.00|
|NYS Tax Credit||$2,812.00|
Solar Leasing for a Typical 5000 Watt solar system @ 4.00 per watt of solar panel installed. Total Contract cost. $20.000
|Your Cost||To The Lease Owner|
|240 Months @ Prime Rate (3.25) plus 2%||$67.39 Per Month||$16,171.00|
|Federal Tax Credit||$5,000.00|
|NYS Tax Credit||$3,375.00|
|To the Leasing Company||$26,171.00|
|NET LOSS ON LEASE||$22,796.00|
- The solar leasing company uses cheap materials on their solar installations and uses sub-contractors for their installations.
Examine your solar lease very carfully most leases will not tell you what materials are going into your system.
- The Solar Leasing company will pad their lease contract with a few extra thousand dollars higher than Syracuse Solar and Wind’s purchase price.
When it comes to pricing, the bottom line is this call Syracuse Solar and Wind and compare our quote to theirs. A few extra days in getting a quote is worth a few thousand dollars
- Solar Lease compnay will try to get you to go with their $0 down solar panel lease in order to get you to sign their over priced lease.
When it comes to solar a zero down lease their is no such thing. The lease company gets the 30 percent tax credit and the NYSERDA solar grant. This is about 60 percent the cost of the solar panel installation. The zero down lease payment will be split up over 240 month the same length of the lease. If you would like to pay for your system over 20 years we have financing plans that have the same amount of payments plus at the end of the loan you will own your system. Bonus our financing payment may be tax deductible.
- Solar lease company will claim that their lease makes more economic sense.
The lease makes sense for the solar leasing company as you can see in the financial breakdown above.
- The Lease company will claim free maintenance for the length of the lease
The truth is the solar panels have a 25 year warranty and most other parts like inverters carry a 25 year warranty. The solar lease company is not out of pocket for any repairs because the manufacturers pay them to replace any broken panel or inverters.
- Sign the Deal today
High Press sales are the name of the game. If they dont get you to sign the lease today they know they will lose you for ever.
- Lease company can VETO any home sale or People wont want to purchase home with lease.