Since many of us are trying to save on energy bills, what do you need to know when considering investing in solar energy?
Buying or leasing solar panels is complicated, but it can also have a positive impact on the environment.
Just don’t make hasty decisions.
“Do your homework. Know that there is no free lunch. Nothing comes for free. Even if they promise no cost or low cost, these are private companies that are talking to you because you are making money, and they are trying to make money from you to earn,” said William Tong, Connecticut Attorney General.
Tong announced this week that he is suing a solar company that also currently operates in Connecticut and other states.
EnergySage is like Expedia or Kayak, but for comparing solar energy system prices.
It customizes offers for buyers from verified companies.
The site is endorsed and partially funded by the US Department of Energy to help consumers.
“It’s a technology that we’re not that familiar with, so people have loads of questions. Sometimes people don’t even know what to ask, so it’s our job to be the trusted advisor, to be the Sherpa and to help consumers through this process,” said Vikram Aggarwal, CEO and Founder of EnergySage.
He breaks down four things buyers should understand before signing a contract:
- How is the quality of the devices?
- Are you working with an experienced contractor?
- Which financing option is best for you?
- Are you saving money on your energy bill?
“If you buy the right quality and the right contractor gets the job done, this system should give you decades of trouble-free service,” Aggarwal said. “In states like Connecticut and other states in the country, the payback period is typically in the 6, 7, 8 year range depending on what you end up paying for the solar power system,” Aggarwal said.
State officials warn that not all homes are suitable for solar.
how is your roof Is it getting enough sun exposure?
Make sure you research this and any promises of discounts. Will the money actually go back into your pocket or will it be retained by the contractor?
Finally, they want consumers to remember that contracts tend to be long-term, complex, and expensive, so never sign a contract under pressure.
“If you don’t understand what you’re reading, take a break. Ask a neighbor, son or daughter to look at these documents for you and if you still can’t get there, it may not be for you,” Tong said.
Under Connecticut state law, there is a three-day window to cancel your contract after you sign it.
