Buy home and assume SOLAR LEASE?

6 Replies

We are in escrow to purchase a home which has a leased Solar system with Vivint.  The lease could be assumed if I pass their credit requirements but I DO NOT want to assume this lease as it does not make financial sense for me.

Has anyone done this?  I found one thread where the OP bought a FORECLOSED home and purchased the system for 5k.  Maybe ask the seller for a credit?  How much of a credit should I be asking for?  i know that question can't be answered without some details.  2100 sq ft, Offered 255k accepted (asking price was dropped 34k before our offer).  Sellers moved out of state and are carrying two mortgages.  Last sold (according to trulia) in '99 for 199k.

Anyone have any input or suggestions?

Why dont you want the solar lease? I have a solar lease on one of my rental properties and I plan on getting solar systems for 2 other properties. Every time I have analyzed a solar lease it has been at or below my average electric bill. To me it was a no brainer, and my electric rates are actually low ($.11/kwh). I could pay my electricity provider $100 for coal fired power or I could pay $90-$110 for renewable energy. Hell, even if I had to pay double, Id still do it. But I believe that using renewable energy is the right thing to do, even if its not profitable right away. I like knowing I am doing my part to save the planet.

Oh also, I live in a really "green" area and having solar hot water and solar PV panels helps my street cred. I think I get better tenants too because they care about what I am doing and appreciate that I am one of the only landlords doing it.

Originally posted by @James Klafehn :

Why dont you want the solar lease? I have a solar lease on one of my rental properties and I plan on getting solar systems for 2 other properties. Every time I have analyzed a solar lease it has been at or below my average electric bill. To me it was a no brainer, and my electric rates are actually low ($.11/kwh). I could pay my electricity provider $100 for coal fired power or I could pay $90-$110 for renewable energy. Hell, even if I had to pay double, Id still do it. But I believe that using renewable energy is the right thing to do, even if its not profitable right away. I like knowing I am doing my part to save the planet.

 I'm very much so interested in the savings to include it being better forth environment.  I just want to OWN it lol.  I'd rather pay zero to anyone and add equity.  But I may be shoe stringing myself by getting into a 20 yr commitment.

You don't want to own them. They lose efficiency over the years and with the way technology advances, you will be able to buy some new miracle panel when the lease is up. 

There is a buy out at the end, just like a leased vehicle but I have heard of companies leaving them there because at that point they arent worth the effort to send someone out and remove them.

Id stick with the lease and be happy. If you dont want them after the lease is over, have the company remove them then install the new uber efficient panels

No, I want to own it.  Too many stipulations putting the lessor in control or partly in control of my decision making and possibly my property. 

Not here to argue on benefits of lease vs. buy, one works for some and the other works for me and my situation. 

If you want to own them you can buy out the lease. But THAT doesnt make financial sense. 

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