Choosing a financing mechanism for a solar array can seem complicated but new tools are coming out to help people understand more about their options. For example the Solar Energy Industries Association (SEIA) introduced a new three-page SEIA Residential Lease Disclosure form, which can operate as an industry standard.
The form is available for rooftop solar panel companies to adopt to help consumers understand the terms and costs of the solar leases the companies offer. Since the form can be used by multiple companies it also helps consumers understand how solar product offerings differ and helps them choose among providers as well.
“This one form can help millions of homeowners go solar,” said Rhone Resch, SEIA president and CEO. “The SEIA Residential Lease Disclosure form is the knowledgeable best friend everyone wishes they had on those big ticket purchases. By using this tool, solar shoppers can now easily compare competing lease contracts—creating a marketplace of consumers who are both well-informed and confident in their decision to go carbon-free.”
It’s not an actual lease contract but it provides key information about product offerings like what types of warranties the companies offer, the costs of equipment and repayment as well as other elements.
“The form was created by a team of senior attorneys from across the solar and housing industries and has been shared widely with consumer groups, federal and state regulators, and others with an interest in ensuring consumers understand how solar transactions work,” SEIA said. As such it’s hopeful that companies will adopt it to help improve leasing practices.
“SEIA has done great work to make going solar a straightforward experience for consumers,” said Nick Mack, general counsel at Spruce Finance Inc. and co-chair of SEIA’s Consumer Protection Committee. “The Residential Lease Disclosure form is the latest tool to help the industry provide a transparent process so our customers can make informed decisions.”
By being proactive, SEIA is working to ensure consumers are protected when they decide to go solar. It helps ensure consumers that solar companies are legitimate and aren’t running scams. Last year it also launched the SEIA Solar Business Code for consumer protection efforts.Tweet