Solar Power - Not So Sunny - Part 4

People with children should be especially careful about Solar Power Leases.  Not because of safety, because it is as safe as any electricity - but because the savings don't last!

Consider the Smith's situation - not their real name, but a true story.

When they first entered into a solar lease, they were quite happy.  They had a high electric bill, and with their 4 teenage children at home, they were always looking for a way to save a few pennies.  At first, it was wonderful, but then the children began to leave home.  When the children left, so did the savings on their electric bill.

The Smith's had obtained a solar system that was based strictly on their usage of electricity at the time, failing to consider that the reason for much of the usage was going to leave home.  Now, they pay 30% more to the leasing company for their leased system than they would pay to the electric company if they didn't have a solar system.  They will do this for the next 12 years.  Don't forget that to sell their house, they have to find someone willing to pay the lease (not likely unless they have 4 teenagers) or pay the lease off.

Of course, the solar representative could have mentioned this when they got their solar system, but they didn't.

So, now they are stuck.  Even thought the house is too large for them now, they cannot "down size".  They cannot rent because the rent would not cover both the Solar Lease payment and the mortgage, and they cannot sell.


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