Frequently Asked Questions


How long is my lease?

The lease is a 15 year commitment but after the first five years you have the option to purchase the system outright and have no more lease payments.

What happens if I sell my house?

If you were to decide to sell your house you have three options: (1) the person buying your home can apply to assume the lease. If they qualify, they can assume your lease where you leave off; (2) you can purchase the panels from the bank and sell them along with your house; or (3) you can terminate the lease by paying the termination fee in the contract and have the panels removed.

Will solar panels make my house worth more?

It’s possible having solar panels on your house will make it worth more but it’s not necessarily the case. When an appraiser values a home they look at other comparable sales. Since solar panels are not a common home feature in this part of the country, there are few comparable sales. When it comes to selling your house solar panels may make your home more desirable to some buyers, particularly if you save your utility bills and can show the savings you have experienced. While it is possible solar panels may make your house worth more we do not promote that as a feature.

Will my payments ever change?

The way our lease is structured your payment will increase once a year throughout the lease. The reason for the escalation is to mimic increasing utility rates and to hopefully allow you to recognize savings in each year of the lease. Your monthly payments are detailed in a 15 year payment schedule outlined upfront when you sign the lease agreement.

Can I receive the federal government’s 30% energy investment tax credit?

There is a 30% tax credit for investments in renewable energy available to the equipment owner. In this program the bank owns the equipment, therefore we receive the tax credit. Structuring it this way allows us to pass our savings on to you in the form of lower lease payments and no required down payment.

Do I own the system at the end of the lease?

Certain types of leases are a lease-to-own agreement but this particular lease is not. This lease structure could be compared to renting property. At the end of the lease the panels are still bank property; however, there is a buyout option throughout and at the end of the lease that we believe is a good deal for you.

What happens if my panels are damaged by wind, hail, fire or other uncontrollable events?

The panels we lease are extremely durable and rated to sustain very high winds speeds and large hail. However, we know this is the Midwest and stormy weather can’t be avoided. As part of this lease, you agree to maintain homeowner’s insurance on your home. Mid America Bank is listed as a loss payee and should there be damage to the property we would be notified.

Will my insurance go up as a result of these solar panels?

In some cases we have seen insurance go up but this has not typically been the case. You should consult with your insurance company to determine whether adding panels to your property will impact your insurance premium.

What happens if my system is defective?

The solar panels and inverters are both under warranty, the solar panels for 25 years and the inverters for 15 years. Should there be problems while the panels are still under warranty there would be a claim filed with the manufacturer.

Who services or repairs my solar panels if there are problems?

The need to service or repair systems is rare. However, as part of this agreement technicians from Cromwell Solar agree to service the panels if necessary throughout the term of the lease.