frequently asked questions about solar – part 1
Did you know that Vivint Solar offers affordable, renewable energy in four states now? That’s right. We have residential solar energy systems in California, New Jersey, Hawaii, and Massachusetts. For those of your wondering about how it works and what we do, then rest assured that this is the post for you. This is the first in a four-part series where we’re going to answer the questions we get asked most frequently about Vivint Solar. Enjoy!
What happens if I move?
We expect that many of our customers will move in the next 20 years, so we’ve made the process very easy. If you do put your home on the market, give us a call so we can help you go with one of two options:
- The PPA will transfer to the new homeowner with a simple contract that says they agree to continue to buy the electricity the panels produce from Vivint Solar.
- 2. The person buying your home pays our transfer payment option, essentially purchasing the system outright with your home and cancelling the PPA.
Why is the agreement 20 years long?
To produce sufficient electricity for your home, we are investing tens of thousands of dollars into the system installed on your rooftop. In order for this investment to make sense for us, we need you to commit to purchasing electricity from us for 20 years. In return, we pay for all up-front costs and promise protection from price inflation, potentially saving you thousands of dollars over the lifetime of your agreement.
What happens at the end of the 20 years?
Many people ask this, and you actually have four options when your 20 years are up:
- Continue with PPA on year-to-year basis.
- Enter into a new PPA.
- You can buy the system from us at its fair market value as determined at that time. If you choose this option, you won’t pay us for electricity any more.
- If you don’t want to keep the system, we will completely remove it from your roof and you’ll have no further obligation with us.
Why do I need a new meter?
The new net meter is specifically designed to track the power produced by the system on your roof versus the power pulled into your home from the utility grid. It is for tracking purposes so your local utility can see any credits they owe you for extra power you produce. It also keeps track of the power the utility has supplied beyond your solar production.
What happens if I overproduce one month?
If you overproduce electricity, the new net meter on your home will keep track of the extra power. Your local utility will give you credit on your next bill for the extra. Depending on local utility rules, these credits generally roll over month to month for a period of time.