i got a letter from a solar company saying they will install solar panels for free and instead of paying utility company you pay them the bill.Im in long island company is RGS
Is this to good to be true or where is the catch
They keep your federal and local grants/rebates/etc, and you are leasing the system and paying for it by paying them a lower rate.
Pros: it's easy, costs nothing up front and saves money, I believe no maintenance costs, and usually they will take it down the moment you don't want it.
Cons: you don't own it, those rebates can only be used once so you can't use them to buy your own system in the future, and your power will never be free -- if you own a system it will eventually pay for itself (5-8 years or so depending on many factors) and after that it's basically free power (minus maintenance and inverter replacement).
My plan is to buy my own system in 2016 before the federal incentives expire, unless my town does some big rebate before then.
This post was edited by an admin on May 19, 2014 4:58 PM.