Hello! I am looking into adding a Powerwall to my solar system, and a vendor offered the option of a 20 year lease rather than buying. I was planning on just getting a single Powerwall to back up select circuits and pay it outright, but the option of leasing is intriguing for the following reasons:
-Getting 2 Powerwalls would not be insanely expensive with a lease, and this would allow me to backup the entire home.
-Also, with 2 Powerwalls my understanding is that you can get more savings on your power bill, since you would never use power from the grid during peak time. With just one battery the savings are more limited, if any, since things like the AC would still use power from the grid.
-The Powerwall system would be under warranty during the full duration of the lease, rather than just the 10 years of a regular purchase. Meaning, if the performance of a battery falls below 70% at any time during those 20 years, it would be replaced.
The negatives are of course the cost of the entire lease vs. just buying (although I don't know if the power savings of having 2 Powerwalls would offset this in any significant way), and losing access to federal and state rebates.
I know that leasing a solar system is usually discouraged, but the battery is only supposed to last for about 10 years and a lease might effectively double its life. Yes, with the lease you end up spending about double also, but then it kind of becomes a cheap loan.
Anybody has any experience leasing a Powerwall system? Could there be any fine print that I am not factoring in yet?
Thanks!
-Getting 2 Powerwalls would not be insanely expensive with a lease, and this would allow me to backup the entire home.
-Also, with 2 Powerwalls my understanding is that you can get more savings on your power bill, since you would never use power from the grid during peak time. With just one battery the savings are more limited, if any, since things like the AC would still use power from the grid.
-The Powerwall system would be under warranty during the full duration of the lease, rather than just the 10 years of a regular purchase. Meaning, if the performance of a battery falls below 70% at any time during those 20 years, it would be replaced.
The negatives are of course the cost of the entire lease vs. just buying (although I don't know if the power savings of having 2 Powerwalls would offset this in any significant way), and losing access to federal and state rebates.
I know that leasing a solar system is usually discouraged, but the battery is only supposed to last for about 10 years and a lease might effectively double its life. Yes, with the lease you end up spending about double also, but then it kind of becomes a cheap loan.
Anybody has any experience leasing a Powerwall system? Could there be any fine print that I am not factoring in yet?
Thanks!