Note: As solar leases have seen significant growth in the past year in California, Arizona, New Jersey, and Maryland, we decided to make a site dedicated to solar lease resources. You can access it by clicking this image. and you can also read on for the original content:
(That original content): A Solar Lease is a legal contract in which a homeowner leases solar photovoltaic panels from a provider. In this agreement the homeowner does not have to pay any upfront costs, just a flat monthly fee to lease the panels. A typical solar lease lasts anywhere between 15-25 years. Since the monthly cost of the lease does not change, the homeowner does not have to worry about inflating energy rates. At the end of the contract, homeowners may have the choice of renewing the contract, purchasing the system, or having the equipment removed.
Pros: A solar lease has no upfront costs, allowing you to save money from the day the system is installed. The monthly lease payment is your only cost, protecting you from inflating energy rates and swings in the market. The panel provider assumes all risks and responsibilities associated with owning the system. They perform all maintenance free of charge to the homeowner, assuring that the system is always operating at optimal levels.
Cons: The overall savings potential is less than if you were to pay in cash. Just like any financing plan there is a premium paid for paying back the costs overtime. Also, solar leases are only available in certain areas.
Where Can I Get a Solar Lease?
The map below shows the states where solar leases are currently offered. Click on a state to find out which leasing companies operate in that state.
The largest solar lease providers are SolarCity, SunRun, and SunGevity, focusing on California and New Jersey markets. By clicking the ‘Quote1’ menu on the top left, they can provide a quote to you. For information specific to your state, simply click here to compare the different solar lease products.
Solar Lease States
Like we said, for information devoted to Solar Leases, do also visit www.solarlease101.com