Solar Leasing Shows More Signs of Growth

It seems almost a daily occurrence that solar leasing companies are connecting with customers to offer a deal that at face value seems almost too good to be true. Though the three or four largest companies that provide solar leases- Solar City, SunRun, Sungevity, and SunPower- have the most resources and to date receive large portions of the market for residential solar leases, there are other companies that are finding success as well.

NJR Clean Energy Ventures, a subsidiary of the large energy company New Jersey Resources, is one of the most recent companies that seems to be picking up steam. Though for the last few years, New Jersey has surged ahead of the rest of the country in residential installations largely due to its SREC program, solar leases are becoming more prominent for homeowners interested in going solar. After recently passing 350 residential installations, NJR Clean Energy Ventures announced plans to offer its lease/financing program, called Sunlight Advantage, to another 500 prospective residential solar customers. The terms of the program are typically a 15-year term to lease a system that averages about 6 kW in capacity. The company looks for homes with at least 175 square feet of unobstructed roof space and, as most leasing companies do, depend on relatively high electricity costs- high prices, high consumption, or both- to justify a long-term lease. Because NJR Clean Energy Ventures owns the system, they retain ownership of the SRECs created under the state’s acclaimed renewable portfolio standard.

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