Transfers of solar leases are increasingly common, especially in areas with net metering laws and the more recent growth of community solar systems. But the process can be confusing, especially if you haven’t done it before or you want to know what to expect next. If you want to transfer your solar lease and know how to go about it, this blog post will provide all the information you need to get started, including who to contact and what documents are required.
Is It Hard to Transfer a Solar Lease?
A solar lease is an innovative way of getting solar panels installed on your home or business. With a solar lease, you don’t have to buy anything, instead, you pay for the electricity generated by your solar panels over time. When you sign up for a solar lease, you enter into a contract with a third-party company that owns and maintains your system.
It’s not very difficult to transfer your solar lease. It can be done in two ways, either by transferring ownership of your home or by transferring ownership of your solar panels and equipment. If you’re thinking about transferring your solar lease, here is some information that can help you make this process simple.
How do I transfer my solar lease?
If you own your solar equipment outright, you don’t need to transfer your system. However, if you wish to remove yourself from your existing lease and have someone else take over payments, here’s what you need to know.
1-Notify your solar system provider company about the lease transfer:
The first thing is to get in touch with your solar system provider or you can simply send them an email. State that you wish to transfer your lease and also provide your contact information as well as that of whoever will be making payments.
2-Confirm the solar system provider with all requirements:
The second step is to fulfill all the requirements to let your solar provider accept the transfer of your lease. Some companies require a signed letter from both parties, while others may require proof of ownership or simply confirmation from your current lender that payments are current and up-to-date. Some companies may also request a small fee to transfer your lease over to another party.
3- Contact with your buyer to take over your lease:
The third step is to contact someone who is interested in taking over your lease. This could be another family member, friend, or even someone you know from work. Make sure that they have all of their paperwork ready and that they are prepared to take on payments for your solar system.
4- Buyer will review solar lease agreement with terms and conditions:
The next step is for your buyer to review all of your existing agreements. Make sure that they understand all of their responsibilities and any possible fees or penalties that may be associated with the transfer of your lease.
5-Buyer will complete the required credit score:
The fifth step is for your buyer to complete their credit score. The solar provider company will make sure that your buyer has good credit and can afford payments on your lease.
6-Approval of Lease Transfer:
When buyer and seller agree on terms, the solar provider company will then review all of the documents and information. If everything is in order, they will send you an email approving the transfer of your lease.
Transferring a solar lease also has some disadvantages that you should be aware of before deciding whether or not it’s right for you. However, if you are eligible and have decided to go ahead with transferring your lease, you should follow the above steps carefully in order to avoid unpleasant surprises later on.
