All new homes built by Woodside Homes in Northern California will now include high efficiency solar power systems, division president Scott Hoisington announced on Thursday. The systems will range from three to six kilowatts, depending on the home buyer’s energy needs and can be included in the purchase of the home or leased from the solar provider, SunPower.
Under this new program, home buyers who lease the systems will lock in a price of electricity that is equivalent to the lowest standard residential pricing tier for 20 years.
To launch the program, SunPower is crediting qualifying home buyers who lease the systems an amount equal to the first six months of lease payments for the equivalent of six months of free solar power. The promotion starts this weekend and is available for homes sold through March 12.
“SunPower’s Equinox technology is by far the best quality and highest performing available,” said Hoisington. The systems do not require battery storage because of net metering that uses the utility power grid as a storage device with the meter keeping track of credits for unused power and debits for power used by the owner of the home. For example, if the system is producing unused power during the day, that power will be credited by the utility at retail rates. Then, when the home owner needs power at night, they use the credits they have built up with the utility, also at retail rates.
“So many people are switching to electric cars, which can consume a tremendous amount of household power,” noted Hoisington. “We enjoy a lot of sunshine in Northern California, so these systems allow people with electric cars to use the power of the sun to propel their vehicles.”
For home buyers who lease the systems, the lease is transferable to future buyers of the home who will receive the same lease terms as the original lessor. In addition, the lease complies with home financing guidelines and does not count against the home buyer’s debt-to-income ratio. As a protection for home buyers, if the leased solar system does not provide the contracted power output, SunPower will reimburse the difference at the end of each year. If the system over-performs and delivers more power than expected, SunPower carries the surplus forward to the following year.
Home buyers who purchase the solar systems can finance the purchase with their home loan and are eligible for a 30 percent tax credit.
Woodside Homes is building new neighborhoods in Folsom, Roseville, Rocklin, South Sacramento, North Natomas, Rancho Cordova, Mountain House and Vacaville. For more information, call (916) 597-4079 or visit the website at http://www.woodsidehomes.com/.