Advice on buying house with solar panel PPA?

Hello! First time posting here. My partner and I signed a contract for a house in south NJ recently. We read the sellers disclosure and it said “solar panels were installed” with no mention that the panels are actually in a PPA agreement and don’t belong to the house. During the inspection we asks more questions and it comes up that the panels are in PPA, some sort of weird lease with a company meaning the panels belong to the company and the homeowner buys power from them at a certain rate per KwH. It was 1.29c/Kwh when they started in 2017 and it increases each year with the 2.9% max. Last month the price was 1.44c/Kwh. While I am no mathematician, it looks like there are some slim savings from having the PPA panels but not for long as the price per Khw seems to increase faster than the rate from the public energy supplier. Because we don’t like the solar lease and the sellers failed to include it in the disclosure (the seller agent said they just forgot to send the lease with the disclosure) we decided to walk away. The sellers are still trying to get us to buy and take over their lease, and are even open to offering us a credit on the sale. AITA for walking away from the deal after this?

submitted by /u/crustyvegan56
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Hello! First time posting here. My partner and I signed a contract for a house in south NJ recently. We read the sellers disclosure and it said “solar panels were installed” with no mention that the panels are actually in a PPA agreement and don’t belong to the house. During the inspection we asks more questions and it comes up that the panels are in PPA, some sort of weird lease with a company meaning the panels belong to the company and the homeowner buys power from them at a certain rate per KwH. It was 1.29c/Kwh when they started in 2017 and it increases each year with the 2.9% max. Last month the price was 1.44c/Kwh. While I am no mathematician, it looks like there are some slim savings from having the PPA panels but not for long as the price per Khw seems to increase faster than the rate from the public energy supplier. Because we don’t like the solar lease and the sellers failed to include it in the disclosure (the seller agent said they just forgot to send the lease with the disclosure) we decided to walk away. The sellers are still trying to get us to buy and take over their lease, and are even open to offering us a credit on the sale. AITA for walking away from the deal after this? submitted by /u/crustyvegan56 [link] [comments]

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