Are Powerwalls purchased separately from a new solar build?

[TapHabit]

If i’m signing up to lease (with intent to buy in a few years) a new solar installation with 2 Powerwalls and a 20kw solar array, does the $0 down payment apply to the whole system, or do i have to purchase the Powerwalls, and they just lease out the panels?

I just had the assessment done on my home. Should hear back from their engineers next week with the final bid. The rough estimates would be 2 Powerwall 2’s, a 20kw solar array, with a cost around 40k. You can either lease ($150 per mont in my case) or buy (which you could either pay cash or finance exactly like a car loan). The Key information i found out, is that you can simply start out leasing it ($0 down), then if/when you choose to buy, the $150 you’ve been paying each month will be applied to the total cost. Essentially a lease to own type of agreement. You can do that at any time during the 20 yr lease, and the total cost you signed up for in the beginning doesn’t change.

MY QUESTION IS; are you financing the Powerwalls as well as the solar panels? Or, do you have to buy the Powerwalls, then just lease the panels? It sounded as if it was one lumped in cost (meaning in my case i could get 2 Powerwalls and the 20kw array for $0 down) but i can find info to confirm. I guess i’ll Learn more next week when the engineering plans come in, but if anyone has any info let me know. I’ll update this post when i hear back in case anyone is wondering about a similar situation/info

 

[miimura]

You should consider the effect of the 30% tax credit when deciding which option to take.

 

[pkalhan]

@miimura is correct, if you lease, you do not get the 30% credit...Tesla. Also, if you lease, I believe the cost of the electricity you are basically buying from Tesla (as the solar panels will belong to them) would also increase, at least that is how Tesla explained it to me. If you are thinking about buying at a later point in time, have you thought about just buying the system via finance? That is what I ended up doing. The monthly payment is close to the lease amount and I would also get the 30% credit which I would apply to the principle of the loan. Just a thought. Also, you are getting a lot for what you are getting. I am financing a 13kW system only (no power walls) for $40,170.

 

[TapHabit]

@miimura is correct, if you lease, you do not get the 30% credit...Tesla. Also, if you lease, I believe the cost of the electricity you are basically buying from Tesla (as the solar panels will belong to them) would also increase, at least that is how Tesla explained it to me. If you are thinking about buying at a later point in time, have you thought about just buying the system via finance? That is what I ended up doing. The monthly payment is close to the lease amount and I would also get the 30% credit which I would apply to the principle of the loan. Just a thought. Also, you are getting a lot for what you are getting. I am financing a 13kW system only (no power walls) for $40,170.

I agree with all this here, thanks for your reply. Like I mentioned earlier, I’m jumping the gun a bit as the engineering plans aren’t in yet from the initial assessment. I was just kind of spitballing ideas to see what others think. As far as the rough estimate they gave me, the guy said the layout of my home and roof was one of the easiest installs he’d ever do if we move forward with it. I’m looking forward to seeing the fine print and will report back next week (hopefully) with my findings for anyone who finds this thread useful in the future. In the meantime, picking up my p85d on Tuesday, stoked!!!

 

[TapHabit]

@miimura is correct, if you lease, you do not get the 30% credit...Tesla. Also, if you lease, I believe the cost of the electricity you are basically buying from Tesla (as the solar panels will belong to them) would also increase, at least that is how Tesla explained it to me. If you are thinking about buying at a later point in time, have you thought about just buying the system via finance? That is what I ended up doing. The monthly payment is close to the lease amount and I would also get the 30% credit which I would apply to the principle of the loan. Just a thought. Also, you are getting a lot for what you are getting. I am financing a 13kW system only (no power walls) for $40,170.

The other question I’m wondering, and why I was considering the lease option just to get my foot in the door, is you can buy it out at any time. I’m guessing that the 30% credit only applies when it’s first installed, no? If I could still receive the credit when I purchase the system, in let’s say 2 or 3 years, that would be a very good option. I just don’t know if that’s how it works, I’m guessing not.

 

[RoBoRaT]

From Energy.Gov:

Residential and Commercial ITC Factsheets


You can claim the ITC if:

1. You own the solar PV system (e.g., you purchased it with cash or through financing – but are not leasing it or in an arrangement to purchase electricity generated by a system you do not own).

2. The solar PV system is new or being used for the first time. The ITC can only be claimed on the “original installation” of the solar equipment.

Seen here: http://solaroutreach.org/wp-content/uploads/2015/03/ResidentialITC_Factsheet_Final.pdf

 

[TapHabit]

From Energy.Gov:

Residential and Commercial ITC Factsheets


You can claim the ITC if:

1. You own the solar PV system (e.g., you purchased it with cash or through financing – but are not leasing it or in an arrangement to purchase electricity generated by a system you do not own).

2. The solar PV system is new or being used for the first time. The ITC can only be claimed on the “original installation” of the solar equipment.

Seen here: http://solaroutreach.org/wp-content/uploads/2015/03/ResidentialITC_Factsheet_Final.pdf

Super helpful and good to know. Thanks man

 

[MorrisonHiker]

If i’m signing up to lease (with intent to buy in a few years) a new solar installation with 2 Powerwalls and a 20kw solar array, does the $0 down payment apply to the whole system, or do i have to purchase the Powerwalls, and they just lease out the panels?

I just had the assessment done on my home. Should hear back from their engineers next week with the final bid. The rough estimates would be 2 Powerwall 2’s, a 20kw solar array, with a cost around 40k. You can either lease ($150 per mont in my case) or buy (which you could either pay cash or finance exactly like a car loan). The Key information i found out, is that you can simply start out leasing it ($0 down), then if/when you choose to buy, the $150 you’ve been paying each month will be applied to the total cost. Essentially a lease to own type of agreement. You can do that at any time during the 20 yr lease, and the total cost you signed up for in the beginning doesn’t change.

MY QUESTION IS; are you financing the Powerwalls as well as the solar panels? Or, do you have to buy the Powerwalls, then just lease the panels? It sounded as if it was one lumped in cost (meaning in my case i could get 2 Powerwalls and the 20kw array for $0 down) but i can find info to confirm. I guess i’ll Learn more next week when the engineering plans come in, but if anyone has any info let me know. I’ll update this post when i hear back in case anyone is wondering about a similar situation/info

Is that $40k price before or after the 30% federal tax credit? We had a 16.5 kW system installed last year for $55k before the tax credit ($39k after). If we would've had to pay for the (referral) Powerwalls, it would've been over $70k.

Are you certain it was 20 kW or was it 20 MWh of energy produced per year?

@miimura am financing a 13kW system only (no power walls) for $40,170.

Your price sounds a lot closer to what ours cost.

 

[boaterva]

Yeah, my 13.7 kW system was just over $40K (before credit).