Agreements - contract terms and requirements - cooling-off period

6-1-1804. Agreements - contract terms and requirements - cooling-off period. (1) A contract for the sale or lease of, or power purchase agreement for, a residential solar electric system or residential battery energy storage system must: (a) Include, in conspicuous language, key contract terms such as price and financing terms; (b) Be written in either English or Spanish, whichever is the same language in which the sale, lease, or power purchase agreement was made; and (c) Include a dispute resolution process. (2) An agreement for the sale of a residential solar electric system or residential battery energy storage system must contain the following information: (a) The name, physical address, telephone number, and email address of: (I) The solar sales company that sold the system; (II) The solar installation company, if different than the solar sales company; and (III) If applicable, the salesperson who solicited or negotiated the agreement; (b) The purchase price; (c) The payment schedule, if applicable; (d) A description of the project, including the system size expressed in kilowatts of direct current electricity and kilowatts of alternating current electricity; the solar modules to be installed; the inverters to be installed; the monitoring to be installed; and, if applicable, the energy storage system to be installed; (e) Estimated start and completion dates for installation, accompanied by the following statement: The actual start and completion dates depend on many factors, such as delays related to permitting and interconnection approvals, which are controlled by your local jurisdiction and local utility, respectively. (f) An explanation of applicable warranties or guarantees, including the transferability of any obligations, in compliance with the federal Magnuson-Moss Warranty--Federal Trade Commission Improvement Act, 15 U.S.C. sec. 2301 et seq.; (g) The name of the local utility; and (h) Which party or parties are responsible for filing the interconnection application and permits. (3) An agreement for the lease of a residential solar electric system or residential battery energy storage system must contain the following information: (a) The name, physical address, telephone number, and email address of: (I) The lessor; (II) The solar installation company, if different than the lessor; and (III) If applicable, the salesperson who solicited or negotiated the agreement; (b) If the lessor does not communicate with consumers by telephone, another method of communication in addition to email; (c) The total payments required pursuant to the lease and the payment schedule, including the number, amount, and due dates or periods of payments; (d) A description of the project, including the system size expressed in kilowatts of direct current electricity and kilowatts of alternating current electricity; the solar modules to be installed; the inverters to be installed; the monitoring to be installed; and, if applicable, the energy storage system to be installed; (e) Estimated start and completion dates for installation, accompanied by the following statement: The actual start and completion dates depend on many factors, such as delays related to permitting and interconnection approvals, which are controlled by your local jurisdiction and local utility, respectively. (f) An explanation of applicable warranties or guarantees, including the transferability of any obligations; (g) A description of the maintenance and repair responsibilities of each party; (h) An explanation of whether the consumer has the right to purchase the leased system, either during the lease term or at the termination of the lease, and, if so, the purchase price; (i) A description of the consumer's options to transfer the lease to a third party and the conditions for a transfer; (j) Which party or parties are responsible for filing the interconnection application and permits; and (k) A description of any security interest filed against the system, including Uniform Commercial Code financing statements. (4) A power purchase agreement for a residential solar electric system or residential battery energy storage system in which a solar sales company is the lessor must contain the following information: (a) The name, physical address, telephone number, and email address of: (I) The solar sales company; (II) The solar installation company, if different than the solar sales company; and (III) If applicable, the salesperson who solicited or negotiated the agreement; (b) If the solar sales company does not communicate with consumers by telephone, another method of communication in addition to email; (c) The payment schedule for the sale of output of the residential solar electric system, including the number, amount, and due dates or periods of payments; (d) A description of the project, including the system size expressed in kilowatts of direct current electricity and kilowatts of alternating current electricity; the solar modules to be installed; the inverters to be installed; the monitoring to be installed; and, if applicable, the energy storage system to be installed; (e) Estimated start and completion dates for installation, accompanied by the following statement: The actual start and completion dates depend on many factors, such as delays related to permitting and interconnection approvals, which are controlled by your local jurisdiction and local utility, respectively. (f) An explanation of applicable warranties or guarantees, including the transferability of any obligations; (g) A description of the maintenance and repair responsibilities of each party; (h) An explanation of whether the consumer has the right to purchase the system, either during the term of the power purchase agreement or at the termination of the power purchase agreement, and, if so, the purchase price; (i) A description of the consumer's options to transfer the contract to a third party and the conditions for a transfer; (j) Which party or parties are responsible for filing the interconnection application and permits; and (k) A description of any security interest filed against the system, including Uniform Commercial Code financing statements. (5) In the case of a sale of a residential solar electric system or residential battery energy storage system: (a) A consumer has at least three business days after receiving the initial signed agreement to cancel the agreement without financial penalty, subject to section 6-1-1809 (3), with the exception of any nonrefundable deposits collected before receipt of the signed agreement, in an amount not to exceed one hundred dollars; (b) The seller shall verbally explain to the consumer the consumer's right to rescind the agreement without financial penalty upon the consumer signing the agreement and shall provide the specific date up until the agreement may be canceled by the consumer; (c) An agreement must include, adjacent to the signature line, the following statement in bold-faced font: You, the buyer, may cancel this transaction at any time prior to midnight of the third business day after the date of this transaction. See the attached notice of cancellation form for an explanation of this right. (d) An agreement must include a copy of a cancellation form in substantially the same form set forth in federal regulations regarding cooling-off periods for sales made at homes or at certain other locations; and (e) Compliance with federal regulations adopted under the Federal Trade Commission Act of 1914, 15 U.S.C. sec. 41 et. seq., regarding cooling-off periods for sales made at homes or at certain other locations constitutes compliance with this subsection (5). Source: L. 2025: Entire part added, (SB 25-299), ch. 427, p. 2427, � 2, effective August 6.