Contents of disclosure statement for system purchase agreement.
Checkout our iOS App for a better way to browser and research.
(1) a statement with substantially the following form and content: "You are entering an agreement to purchase an energy generation system. You will own the system installed on your property. You may be entitled to federal tax credits because of the purchase. You should consult your tax advisor.";
(2) the price quoted to the potential customer for a cash purchase of the system;
(3)
(a) the schedule of required and anticipated payments from the customer to the solar retailer and third parties over the term of the system purchase agreement, including application fees, up-front charges, down payment, scheduled payments under the system purchase agreement, payments at the end of the term of the system purchase agreement, payments for any operations or maintenance contract offered by or through the solar retailer in connection with the system purchase agreement, and payments for replacement of system components likely to require replacement before the end of the useful life of the system as a whole; and
(b) the total of all payments referred to in Subsection (3)(a);
(4) a statement indicating that the cost of insuring the system is not included within the schedule of payments under Subsection (3);
(5) a statement, if applicable, with substantially the following form and content: "You are responsible for obtaining insurance coverage for any loss or damage to the system. You should consult an insurance professional to understand how to protect against the risk of loss or damage to the system. You should also consult your home insurer about the potential impact of installing a system."; and
(6) information about whether the system may be transferred to a purchaser of the home or real property where the system is located and any conditions for a transfer.