Moduly Leasing Program Terms & Conditions and Opt-In Contract
Terms & Conditions
Welcome to Moduly's Energy Leasing Program. By enrolling in this program, you agree to the following terms and conditions:
1. Lease Agreement and Ownership:
Moduly leases the Energy Storage System to the customer for a 10-year term with an optional additional 5-year term. Moduly retains ownership of the system throughout the lease period.
2. Enrollment Payment Options:
Customers can choose between one of our programs. These charges do not include sales tax, upgrade and are additional to the electricity consumption charges.
A non-refundable down payment is required to join the leasing program. If you cancel within 30 days, you may receive a full refund. After 30 days, the down payment is non-refundable.
3. Payment schedule
Depending on the selected program the payments schedule will be as follows and decrease over time:
Initiate Program:
Down Payment: $897.00
Monthly Fee for the First 12 Months: $147.00
Monthly Fee for Months 13-24: $97.00
Monthly Fee for Months 25-48: $47.00
Monthly Fee for Months 49-120: $27.00
Premium Program:
Down Payment: $497.00
Monthly Fee for the First 12 Months: $157.00
Monthly Fee for Months 13-24: $97.00
Monthly Fee for Months 25-48: $87.00
Monthly Fee for Months 49-120: $27.00
4. 10-Year Enrollment Commitment
This program requires a 10-year commitment. If the Customer cancels before the end of the term, penalties will apply as detailed in section 9 of this contract.
5. Ownership and Maintenance
After the 10-year enrollment period, the product becomes the customer's property. During the enrollment period, Moduly is responsible for maintenance and warranty. If not extended as refer to Section 1 of the contract.
6. Customer Obligations:
Customers must ensure the Energy Storage System is not tampered with, damaged, or relocated without Moduly's permission.
Customers must also maintain a functional Internet connection for the system. If Moduly is unable to access the Energy Storage System and such access is not restored within 10 days upon notice by Moduly, it may be considered a “Customer Early Termination”, and is subject to the terms described in section 9.
Demand Response Program:
Customers must allow Moduly to use their system for the entire terms of this contract for “Demand Response” during the peak hours, as specified by Moduly. Learn more in section Customer acknowledges that the Energy Storage System will not be fully accessible by Moduly and/or Manufacturer without: (i) a user account for each Device where applicable; (ii) other system elements that may be specified as required by the manufacturer of any of the equipment (i.e. smart phone apps).
It is Customer’s responsibility to ensure that Customer has all required system elements and that such elements are compatible and properly configured. Customer is responsible for all fees charged by Customer’s Internet service provider (“ISP”) in connection with participation (if any). Customer also acknowledges his/her responsibility for compliance with all applicable agreements, terms of use/service, and other policies of Manufacturer and the Customer’s ISP.
7. Energy Storage System Equipment Charge:
In the event that Customer fails to surrender the Energy Storage System as provided in this Agreement, Customer will incur and receive an invoice for an Equipment Charge. The Equipment Charge is prorated on a base Equipment Charge of $6,000.00, spread over a 120-month term.
For example, if Customer or Moduly terminates this Agreement in month 50, and Customer does not surrender the Energy Storage System as provided herein, Customer will incur an Equipment Charge calculated based on the remaining Term, as follows: $6,000.00 / 120 *70 = $3,500 Total Equipment Charge / Total Months in Term * Unexpired Term = Equipment ChargeThe Equipment Charge is due within 30 days of being invoiced for the same.
8. Default of Payment
In case of payment default, customers will incur a financial penalty, which will be directly debited from their bank account. An uncured Default shall be considered a Customer Early Termination and is subject to the charges described in Section
9. Termination and Default:
The customer can terminate the agreement before the end of the term by notifying Moduly (“Customer Early Termination”), subject to a $450 disconnection charge. The Energy Storage System must be surrendered in good condition and shipment fees shall be covered by the Customer. In the event that Customer does not surrender the Energy Storage System as provided hereinstandards, Customer will be billed the Energy Storage System Equipment Charge as described in Section 7.
10. Program Release DateI
understand that this program is scheduled for official release between March 2024 and April 2025 and is initially available only to California residents.I understand that this is the first Moduly Energy Leasing Program Pilot.
By agreeing to this contract, you confirm your understanding and agreement to the terms and conditions of the Moduly Energy Leasing Program.
*I accept the terms of this agreement, intend to be legally bound, and understand that Moduly’s signature is not required for the formation of a contract between us.
Legal Context
This contract is legally binding and enforceable under the laws of the state of California. Moduly reserves the right to amend these terms and conditions with prior notice. Any disputes arising from this contract will be resolved through arbitration in accordance with the rules of the American Arbitration Association.
Note: This contract must be signed electronically through our secure online platform to ensure authenticity and integrity.
11. Privacy Policy:
Moduly respects your privacy. All personal information provided will be used solely for the purposes of this leasing program and will not be shared with third parties without your consent.
For further information or assistance, please contact our support team at support@moduly.io