Phoenix, AZ is known for its abundance of sunshine, making it an ideal location for solar energy. If you’re looking to buy a home in Phoenix, AZ, you may come across properties that have an existing solar lease. In this article, we’ll discuss the potential benefits of an existing solar lease for homebuyers in Phoenix, AZ.
Lower Electricity Bills
One of the most significant benefits of an existing solar lease is the potential for lower electricity bills. Phoenix, AZ gets an average of 308 sunny days per year, which means that solar panels can generate a significant amount of electricity. By taking advantage of the solar panels, homebuyers can potentially save money on their electricity bills.
Solar leases are typically transferable, which means that the new homeowner can take over the lease and benefit from the solar panels without having to enter into a new lease agreement. This makes the process of going solar much simpler for homebuyers in Phoenix, AZ. Additionally, the existing lease agreement should provide for a maintenance warranty and electrical production guarantee. An existing solar lease maintenance warranty will ensure that all of your equipment is properly working and if a panel or an inverter stops working, the solar lease company will send someone out to fix it or replace it during the entire lease period. Electrical production guarantees are written into solar leases that state that the system will generate a minimum amount of electricity for the homeowner and if it fails to produce the required amount, the solar leasing company will pay the homeowner a rebate to compensate for the loss in guaranteed electrical production.
The lease payments for the solar panels are typically fixed over the lease term, which means that the homebuyer can budget for these payments and potentially avoid any increases in energy costs. In Phoenix, AZ, where energy costs can rise due to high demand during the summer months, having fixed lease payments can be a significant advantage.
Solar panels provide clean and renewable energy, which can be an attractive feature for environmentally conscious homebuyers in Phoenix, AZ. By choosing to go solar, homebuyers can reduce their carbon footprint and help contribute to a cleaner environment.
Grandfathered Utility Rate Plan and Possible Net Metering
Depending on the age of the solar system, the solar lease may include a grandfathered utility rate plan that can provide the new homeowner with significant energy cost savings. Additionally, the home may be eligible for net metering, which allows homeowners to receive credits on their electricity bills for excess energy produced by their solar panels and fed back into the grid. These credits can offset the cost of energy purchased from the utility company and potentially result in a lower overall energy bill.
In conclusion, an existing solar lease can provide numerous benefits for homebuyers in Phoenix, AZ. From lower electricity bills and fixed lease payments to green energy and possible utility rate plan and net metering benefits, solar leases can be an excellent way for homebuyers to save money on energy costs and contribute to a cleaner environment. If you’re considering buying a home in Phoenix, AZ, make sure to consider the potential benefits of an existing solar lease.