Do you want to get a solar panels lease?
If you can’t afford the entire solar panel system, the solution is to get a solar lease.
Solar energy is the solution for an eco-friendly energy source. It helps people become energy independent, making it a lifetime investment. However, not everyone can afford the upfront costs.
How does a solar lease work? In this guide, we’ll discuss everything you need to know about the solar lease programs. Read what we have below and learn more.
How Does a Solar Lease Work?
Solar companies like Blue Raven Solar allow you to rent solar panels to generate electricity. You pay a fixed monthly fee for using solar panels. It helps you cut down on the electricity bill since you have access to the electricity produced.
The lease may last 10 to 20 years, depending on the solar panel lease agreement. Your eligibility for the program also varies on the review of the solar company. When you meet the right conditions, you might be eligible to get the solar panel system for free.
Advantages of Solar Lease
The average electricity consumption of an American home is an average of 877 kWh per month. With the best solar lease program, you can lower your energy bills. A lease has a much lower monthly charge than utility companies.
You don’t have to worry about the high upfront cost of a solar panel system. Maintenance isn’t part of your responsibilities as the solar company does it for you. It keeps the primary benefits of solar energy.
Disadvantages of Solar Lease
When you buy solar panels and their system, you will spend a lot. However, it’s a one-time expense. After that, you don’t have to worry about any future payments.
You can expect changes in solar lease rates as electricity prices increase in the future. It’s good for lowering your electricity bill. However, you can’t eliminate it like solar panel owners.
You also won’t enjoy the benefits from solar tax credits. You won’t get a 26% reduction in solar energy installation costs, for example. The solar incentives and tax credits can shave a lot of costs, but it does not apply to leasing.
Should You Buy a House With Leased Solar Panels?
Before buying a home with leased solar panels, learn about the payment status of the lease. How much is the payment and who pays for the system repairs?
Also, don’t forget to ask whether the lease terms are under fixed-rate or adjustable-rate. It’s to avoid any hidden fees because sellers can pass solar leases to the buyers.
Use Solar Energy Today
We hope our guide answered your query about “how does a solar lease work?” Solar energy is the future of sustainable energy-powered homes. You can prepare yourself by learning everything to know about this renewable energy source.
Regardless, knowing about solar leasing is the first step. Your next target is to find the best leasing companies in your area.
Are you looking for informative guides? Check out our other articles and learn more.