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Energy Backup: End of Term Options

Updated over 2 weeks ago

Overview

LightReach Energy Backup Plans feature options to both renew, purchase or upgrade. Each option has a few simple parameters associated, giving flexibility and optionality to homeowners.

Option

Details

Renew

Option 1: Renew the Lease

  1. Automatically for 1-year terms (default if no response), up to 5 years

  2. Manually for a 3-year term by opting in via renewal notice

    1. For a 3-year renewal, the monthly payment will drop to 75% of the final year's lease payment

  3. At the end of the renewal term the customer can:

    1. Purchase the equipment for $1000 (year 15)

    2. Not renew and either buyout or return the equipment

    3. Upgrade into a new lease (see option 3)

Buyout

Option 2: Do not Renew (walk away)

  • Notify LightReach at least 30 days before lease end.

  • Buyout the equipment for the system buy-out price which varies by lease age:

    • Years 10-11: Buyout = 22% of total financed cost OR the sum of remaining payments discounted by 5%

    • Years 11-12: Buyout = 18% of total financed cost.

    • Years 12-13: Buyout = 14%

    • Years 13+: Buyout = 10%

OR

  • Have LightReach remove and dispose of the battery, with a $1,000 removal fee.

Upgrade

Option 3: Start a New Lease with Replacement Equipment

  • Notify LightReach before your renewal ends.

  • If you choose a new lease:

    • No $1,000 battery removal fee.

    • You receive a 25% credit of payments made during any annual renewal term (not the original 10 or 12-year term), applied to the new lease.

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