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Energy Backup: End of Term Options

Overview

LightReach Energy Backup Plans offers several options for customers to consider at the end of the contract term. Each option has a few simple parameters associated, giving flexibility to homeowners.

Option

Details

  1. Buyout

Option 1: Buyout Equipment

  • Notify LightReach your intention to purchase at least 30 days before lease end

  • Buyout the equipment at 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% of total financed cost

    • Years 13+: Buyout = 10% of total financed cost

2. Upgrade

Option 2: Start a New Lease with Replacement Equipment

  • Notify LightReach your intention to upgrade before your renewal ends.

  • Benefits of choosing a new lease:

    • $1,000 battery removal fee waived

    • If you were in a "renewal contract" and then chose to upgrade the system, you receive a 25% credit of payments made during any annual renewal term applied to the new lease. (this excludes payments made during the original 10 or 12-year term)

3. Renew

Option 3: Renew the Lease

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

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

  • Your lease automatically renews at 1-year terms (up to 5 years). This is the default option if customer doesn't choose other options

4. Walk Away

Option 4: Do not Renew (walk away)

  • Notify Lightreach your intention to walk away and remove the system. LightReach will remove and dispose of the battery, with a $1,000 removal fee.

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