Amendment ID: S2372-11.1

Further Amendment 11.1

Disclosure of financial risk to solar panel homeowners

Ms. Donoghue and Ms. Gobi move to further amend amendment #11 by inserting at the end thereof the following:-

"and further amended by inserting the following new section:-

SECTION ___. The executive office of energy and environmental affairs 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: (1) 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, re-finance loans related to the residence, or collect insurance proceeds related to the residence, (2) a itemization of the total price over the life of the contract, including interest, (3) explanation of potential tax ramifications, (4) a depreciation schedule, and (4) a right to cancel up to three business days after purchase.”