Solar Lease

A solar lease is a financing option that allows homeowners to use solar energy without paying the upfront cost of installing solar panels. Instead, the homeowner pays a monthly fee to the solar company for the use of the panels. 

Here are some things to know about solar leases: 

• Ownership: The solar company owns the panels, not the homeowner. 

• Contract: The homeowner signs a contract to lease the panels for a set period of time, usually 25 years. 

• Monthly payments: The monthly fee is based on the estimated annual production of the solar system. The lease payment is typically designed to be lower than the homeowner's pre-solar electric bill. 

• Maintenance: The solar company is responsible for installation and maintenance of the panels. 

• Rebates and incentives: The homeowner doesn't qualify for rebates or incentives that are available to owners of solar panels, such as the federal solar tax credit. 

• Rates: Usually rates for a solar lease are much less than your local utility and rate increase are far less with a solar lease.

• Owning: A solar lease has options to purchase the system after a set amount of time. Usually 5 years. That gives you the freedom to try before you buy. If you decide you don't want to own, you are under no obligation to do so.

• Moving: A Lease can easily be transferred to the new home owner at the same rate. 

Solar leasing can be a good option for people who don't qualify for solar loans or don't plan to move soon. However, it may not be the best option for everyone, consult one of our professionals to find out if a Solar Lease is right for you.