With a PPA, you purchase the energy the solar system produces, while EverBright owns the system and is responsible for maintaining it. With a lease, you pay to use the equipment EverBright owns and maintains. Like the RIC, the PPA and lease agreements usually have 25-year terms.
If you have a PPA or lease and wish to sell your home before the end of your agreement term, you have a few options:
- Prepay the remaining monthly payments and transfer the use of the system to the buyer; or
- Transfer the agreement to the buyer who meets EverBright’s credit criteria and assumes the terms.
After the 6th year, you have an additional option:
- Purchase the system outright, so now you own the system and can include it as part of the sale, as you would any other asset in your home.