Section 5-93-9 - [Effective 3/1/2025] Standard disclosure form addendum for system purchase agreementThe standard disclosure form shall include an addendum that applies if a solar retailer is proposing to enter into a system purchase agreement with a potential customer. The system purchase addendum shall include:
(1) The following statement: "You are entering into 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) A field for the price quoted to the potential customer for a cash purchase of the system;(3) Fields requiring: (i) 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 the total of all payments referred to in this subsection;(ii) An itemized description of all additional fees or charges;(4) A statement indicating that the cost of insuring the system is not included within the schedule of payments under subsection (3) of this section;(5) A field to indicate whether the customer is responsible for insurance coverage. The field shall be accompanied by the statement: "If so indicated above, 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.";(6) Fields requiring 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; and(7) A field requiring a detailed comparison of the costs of purchasing as compared to leasing the system.Added by 2024 Pub. Laws, ch. 67,§ 2, eff. 3/1/2025.Added by 2024 Pub. Laws, ch. 68,§ 2, eff. 3/1/2025.