Subhead: 
Refinance
Body: 

For those who are refinancing their mortgage.

Note: Instructions for completing the form are included in the PDF.

Subhead: 
Lease Changes
Body: 

Changes to lease due to military relocation, divorce, one lessee passing away, or removing a co-borrower’s information.

Note: Instructions for completing the form are included in the PDF.

Subhead: 
Home Sale
Body: 

Changes to current lease due to sale of your home. Must be completed prior to final close of sales.

For: Current homeowners

Note: Instructions for completing the form are included in the PDF.

Home Refinance as Lease Customer | Home Sale Assignment/Buyout - Seller | Home Sale Assignment/Buyout - Buyer  |  Other Lease FAQ

Home Refinance as Lease Customer

Q. I’m refinancing my home, how do I start the lease assignment?

A. Call 1-800-SUNPOWER (786-7693) or email refinance@sunpower.com and speak to one of our customer service representatives.

Q. Are there any fees associated with refinancing requests?

A. Yes, the fee is $250.

Q. I’m refinancing my home and the title is requiring “a subordination”. What does “subordination” mean?

A. Subordination is a document that allows the mortgage servicing company to be in the first position on the title. We do not provide this document as we terminate our UCC when requested.  

  • We have filed a UCC 1 Fixture Filing on our equipment. Title companies will usually request a subordination of this filing. In lieu of processing subordination requests, we will lift the UCC1 and refile it after the re-finance is completed.
  • In California, we are required to file a Notice of Independent Solar Producer. This filing is just a notice and has no encumbrance on the title. We do not terminate this notice for a refinance request, but we can subordinate it through an approval process.

Q. How does my title officer request a termination of the UCC1?

A. Your title or mortgage officer can send the preliminary title report to refinance@sunpower.com.

  • The requestor will receive a copy of the online termination.
  • We do not provide an original of this termination.

Q. Can I do a buyout of my system during a refinance? 

A. No, systems can only be purchased on the designated early buyout date or due to a home sale.

 

Home Sale Lease Assignment/Buyout - Seller

Q. I’m selling my home and want to assign the lease to the buyer. How do I initiate the lease assignment?

A. You have two options during a home sale:

  • Assignment (a credit check is required from the buyers, even in the event the lease is pre-paid). An assignment is the transfer of the lease terms to another homeowner’s name, usually occurring during the sale of a home, or
  • Purchase​

    Call 1-800-SUNPOWER (786-7693) or email homesale@sunpower.com and one of our customer service representatives will send you an email outlining the process with a PDF form to be completed and returned to us. This form does not formalize the assignment or buyout. It is a request for information so we can assist your escrow company with transferring the title to the new buyers.

Q. Are there any fees associated with refinancing requests?

A. Yes, the fee is $250.

Q. How long will a buyout (purchase of the solar lease outright during the sale of a home) or assignment take to complete?

A. The lease requires a 30-day notice of home sale. We understand that sometimes that isn’t possible and try to accommodate an expedited closing and get escrow packages ready within 14 days of the buyers approved credit check.

  • The escrow package is the set of documents that will be sent to the buyer, seller, and escrow. The package should be presented to each party at closing by the escrow company. The copies sent directly to the buyers and sellers are only for reference. The documents are:
    • Escrow instructions.
    • Assignment.
    • Termination of UCC filing.
    • Termination of PUC (notice of independent solar producer) – an original of this document will be sent via overnight delivery to escrow

Q. What happens if the buyer is declined?

A. SunPower will ask for specific documentation needed from the buyers to review their ability to take over the lease contract. We will work to approve the assignment. If we cannot approve the assignment then a buyout of the lease is required.

Q. Can I move my solar system and keep the lease?

A. No. Due to production requirements by local and federal regulations we cannot allow the system to be moved and maintain the lease contract. The system will need to be purchased. It can then be moved at your expense.

Q. Can I assign my lease to a corporation?

A. No. The lease requires the buyer to live in the home and it to be their primary residence.

 

Home Sale Lease Assignment/Buyout - Buyer

Q. I’m purchasing a home with a pre-paid lease. Why do I need a credit check?

A. SunPower utilizes the credit check process to also verify identity. The credit check is a requirement for all lease assignments regardless whether the lease agreement is prepaid or monthly.

Q. What happens if I get declined?

A. SunPower will ask if there is a co-applicant who can assume the lease and also owns the home.

  • SunPower will ask for specific documentation needed to review your ability to take over the lease contract. We will work diligently to review the request. This is the transfer of the lease terms to another homeowner’s name, usually occurring during the sale of a home.
  • If we cannot approve the assignment a buyout is required.

Q. What if I do not want to assume the solar lease on this home?

A: You cannot cancel nor remove the equipment. If you do not wish to assume the lease:

  1. You can purchase the system; or
  2. SunPower would be happy to try to assist you in learning more about the lease and the solar system, including the benefits of solar. Please contact us at 1-800-SUNPOWER (786-7693) with any questions you might have.

Q. What will the monthly payments be and how does the lease work?

A. Your realtor can assist you in obtaining a copy of the lease from the sellers. If one is not available, the sellers can call 1-800-SUNPOWER (786-7693) or email homesale@sunpower.com to request a copy for you.

 

Other Lease FAQ

Q. Can I remodel or update my roof during the term of my lease?

A. Yes. You must provide at least 15 days prior notice to SunPower of intent to repair or improve the premises. We will work with you to determine how we can best protect and secure the system before repairs or improvements. If we need to remove and reinstall the system after the repairs or improvements are complete, the associated costs will be at your expense.

Q. What happens at the end of the lease term?

A. After the final month of your lease, the solar system remains the property of SunPower. At the end of the 20-year lease term, you may either extend the lease or request the removal of the system. Please consult your lease contract for more information on this and to find out if you have any other end-of-term options. If you still have questions or concerns please email homesale@sunpower.com or call 1-800-SUNPOWER (786-7693). Please note: Other end of term options may be available at the end of your contract. You may call SunPower 180 days prior to the end of your initial contract terms to review your end of term options.

Q. What happens in the event of death?

A. In the event of death, the lease will automatically transfer to the spouse or estate of the deceased. To change ownership to the estate or a trust, please contact homesale@sunpower.com.

 

 

Please note: Some terms and conditions may have changed since the creation of this guide. Check your lease agreement for details.