Are you interested in taking full ownership of your LightReach solar system, or managing your lease payments differently? It's important to understand your options.
Understanding Your Options: Pre-paying vs. Buyout/Payoff
It's crucial to understand the difference between prepaying your lease and executing a full buyout/payoff:
Prepaying Your Lease:
When you prepay your lease, you are essentially paying all your remaining monthly lease payments in advance.
Under this option, Palmetto retains ownership of the solar system.
You, as the customer, will continue to benefit from LightReach's service, maintenance, and ongoing support as outlined in your original agreement.
Buyout / Payoff (Purchasing Your System Outright):
When you choose a buyout, you are purchasing the solar system outright from Palmetto.
Upon completion of the buyout, you become the full owner of the solar system which mens all associated warranties, maintenance agreements, and service contracts with LightReach will end.
This option is only available after the first five years of your LightReach lease agreement.
When Can You Request a Buyout Quote?
If you are interested in a buyout/payoff, you are typically eligible to request a quote under the following conditions:
On the fifth anniversary of your System Interconnection Date.
At any time after the fifth anniversary of your System Interconnection Date.
If you sell your home during the initial term of your lease (specific terms for this scenario are covered in our Selling Your Home with LightReach article).
How Is the Purchase Price Determined?
The price to purchase your system is based on its fair market value at the time of your request. To ensure accuracy and fairness, an independent appraiser will assess this value using data from comparable solar systems in your area. This process ensures the price reflects current market conditions and your system's performance.
Please note: The timeline to receive your quote can vary depending on the complexity of the system review.
Ready to Get Started?
To initiate either a lease prepayment or a buyout/payoff request, please complete the form below:
On the form, select your desired option (buyout or prepay lease). Once your form is submitted, a LightReach team member will follow up with you directly to guide you through the next steps.
Have Questions or Need an Update?
If you have any questions about your options or would like to check the status of your request after submitting the form, please don't hesitate to contact our support team.