Section 11D of chapter 25A of the General Laws, as appearing in the 2014 Official Edition, is hereby amended by inserting at the end thereof the following paragraph:-
The department shall require that any entity contracting to install solar equipment on a residence in the commonwealth shall adequately disclose all financial terms and conditions and receive written consent of such terms and conditions from the owner of the residence before execution of the solar panel contract. The disclosure and consent, which will be promulgated by the department in consultation with the attorney general, shall be in at least 10-point type and include: (a) an explanation that the entity will place a fixture filing (also known as a UCC-1) on the residence which may restrict the ability of an owner to transfer, modify or sell the residence, refinance loans related to the residence, or collect insurance proceeds related to the residence, (b) an itemization of the total price over the life of the contract, including interest, (c) an explanation of potential tax ramifications, (d) a depreciation schedule, and (e) a right to cancel up to three business days after purchase.
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