Are ‘Free Solar Panels’ Really Free? [2022 Guide] – EcoWatch

Are ‘Free Solar Panels’ Really Free? [2022 Guide] – EcoWatch

You may have seen advertisements or had someone knock on your door offering free solar panels. But are “free solar panels” really free?

Let’s get this out of the way early — “free solar panels” are not really free. There is no such thing as free solar panels, and there is no such thing as a no-cost solar program.

If you’re hearing about “free” or “no-cost solar programs,” you’re likely being fed a cheap sales pitch to tempt you into signing a solar lease, or a power purchase agreement. Under these solar financing agreements, a solar company installs solar panels on your home for no money down (hence, the misleading use of the word “free”), and you then pay a monthly rate for the energy those panels produce. Think about it as renting solar panels, or simply buying your power from a solar company instead of a utility company.

Zero-money-down installation, free maintenance, free enrollment, guaranteed savings written into the contract — these promises are all just a little too good to be true. We’ll get into the fine print on why “free solar” is so misleading, but if you’re looking to install solar panels on your home for $0 down, it’s possible to do so with loan financing. If you’re ready to start learning about these options from solar installation companies in your area, you can use this tool or fill out the form below for a free consultation.

Are ‘Free Solar Panels’ A Scam?

The marketing strategies advertising “free solar panels” are designed to entice, but in many cases, solar leases and PPAs end up being impractical choices for homeowners. In some severe cases, solar companies have even faced lawsuits over falsely advertising “free solar panels” to unsuspecting customers who lost thousands by signing unfair contracts.

The average solar lease can indeed save a customer money, but only when things go smoothly. If you sign a solar lease and change your mind, sell your home or your system experiences production issues, you can run into costly surprise bills. Here’s why:

  • Leases have hefty cancellation fees, sometimes as high as $20,000.
  • If you ever decide to sell your home, transferring a lease to a new homeowner can be challenging. If the new owner doesn’t agree to assume the solar lease, you might have to pay to move the panels to a new residence, or worse, be forced to cancel your lease.
  • In a worst-case scenario, hiring a low-quality solar installation company can lead to issues with your home or roof. Solar leases may not offer workmanship warranties, so you could face bills for any damage to the integrity of your home.

Solar leases and PPAs are not themselves scams, but homeowners should be cautious and educate themselves before signing a lease. Make sure to always read the fine print.

So, if “free solar panels” aren’t really free, what is the best way to pay for solar panels?

1. Paying for Solar Panels in Cash

Paying for solar in cash will yield the most long-term savings. By purchasing a home solar system …….

Source: https://www.ecowatch.com/are-free-solar-panels-really-free-2656063234.html

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