Trying to purchase a home with Vivint Solar in NJ

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  • flowing
    Member
    • Feb 2019
    • 40
    #1

    Trying to purchase a home with Vivint Solar in NJ

    Has anyone had any luck with transfering a solar from Vinvint to their own ownership with SRECS.

    Long story: we're trying to purchase a shore home which currently has Vivint. The owners had a leasing agreement (most horrible agreement ever) the owners are very old and I'm not sure they understood the lease. The had some medical issues and defaulted on the system. We're trying to purchase the property and if possible keep the pannels and hopefully the SRECs. The system was brought up in 2016 so it would make sense to keep it. If the sellers can pay it off. They are having a hard time trying to see when they can pay it off. Apparently it can be done only at the 7y mark and for a $4-7 per watt cost.

    Any insight would be helpful.
    Tags: None
    • Ampster
      Solar Fanatic
      • Jun 2017
      • 3650
      #2
      The SRECs would have to be pretty good for me to take on a lease of any kind. Vivint is part of Sunrun now but I don't know if that is a problem or opoortunity. I have such an aversion to leases that if I were in your shoes I would encourage the sellers to pay it off.
      There are more facts and figures that need to be analyzed but based on what you said about the sellers understanding of their deal, I think it is a safe assumption that it is a financial disaster for them and anyone who assumes it.
      9 kW solar, 42kWh LFP storage. EV owner since 2012

        Comment

        • flowing
          Member
          • Feb 2019
          • 40
          #3
          I’m with you. We’re not looking to take anything over. It’s either the seller pays off the system or we don’t want it. The contract these people signed is insane. More like predatory, I think they had a pretty slick sales crew in south Jersey hitting up older folks. I wonder if the sunrun angle could help.

            Comment

            • khanh dam
              Solar Fanatic
              • Aug 2019
              • 391
              #4
              whatever you do..... do not agree to take over the system. the seller is screwed , that is their problem. Vivint is a scam company . Any solar loan company that does this is a scam.
              Last edited by SunEagle; 03-20-2021, 10:54 PM.

                Comment

                • flowing
                  Member
                  • Feb 2019
                  • 40
                  #5
                  Agreed, I would never. I just feel so bad for the sellers. They are older folks. They spent 6h on the phone on Friday... now they have another call on Monday with their lawyer and Vinvint. We really want this home. But it doesnt look good. I have solar on my main home GPE we had a great experience. This is the other side of the coin. Horrible

                    Comment

                    • Ampster
                      Solar Fanatic
                      • Jun 2017
                      • 3650
                      #6
                      Originally posted by flowing
                      ...... I wonder if the sunrun angle could help.
                      It would all depend on how it was valued in the acquisition. That is why I called it a problem or opportunity.


                      9 kW solar, 42kWh LFP storage. EV owner since 2012

                        Comment

                        • ernesthem
                          Junior Member
                          • May 2022
                          • 1
                          #7
                          Since I'm a landlord myself, it's hard for me to talk about it. But personally I rent my house already with a solar panel, because it's a great alternative to excessive use of electricity and a good money saver. I've had no similar problems with clients, but as far as I know not all landlords are honest, so in your situation you may need the help of some lawyer. I also recommend you to read an article about how to build to rent financing. Maybe it`ll help you learn more about the structure of this market. You should always check this info before you rent, cause it's about your rights.

                            Comment

                            • Ampster
                              Solar Fanatic
                              • Jun 2017
                              • 3650
                              #8
                              Originally posted by ernesthem
                              Since I'm a landlord myself, it's hard for me to talk about it...........
                              I am a landlord also and I have no problem dissing solar PPA disguised as leases. My daughter has one on a home she and her husband purchased five years ago. They loved the house too much to want to rock the boat over the solar lease which I encouraged them to try to negotiate with the seller.

                              9 kW solar, 42kWh LFP storage. EV owner since 2012

                                Comment

                                • azdave
                                  Moderator
                                  • Oct 2014
                                  • 765
                                  #9
                                  Originally posted by Ampster
                                  I am a landlord also...
                                  Ampster,

                                  The only reason this thread came back up after over a year is that new member "ernesthem" posted a reply yesterday that very blatantly included a link to a law firm looking for clients. I think he's just another spammer who is bringing back old threads for no good reason. A mod deleted the link already.
                                  Dave W. Gilbert AZ
                                  6.63kW grid-tie owner

                                    Comment

                                    • Ampster
                                      Solar Fanatic
                                      • Jun 2017
                                      • 3650
                                      #10
                                      Originally posted by azdave

                                      Ampster,

                                      The only reason this thread came back up after over a year is that new member "ernesthem" posted a reply yesterday that very blatantly included a link to a law firm looking for clients. I think he's just another spammer who is bringing back old threads for no good reason. A mod deleted the link already.
                                      Thanks. The mods really have their work cut out for them to screen these one hit posters.
                                      9 kW solar, 42kWh LFP storage. EV owner since 2012

                                        Comment

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