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The Top 5 Reasons Why You Should Consider a Solar Lease

The Top 5 Reasons Why You Should Consider a Solar Lease

Cold Hard Cash, Equity Boost, Stabilize Energy Costs, Go Green on a Budget, and Option to Buy

Posted on Mon, 03/28/2011 - 08:53 PM by Bryan Nisperos
viewed 10449 times

Solar Power is a great way to "go green" by reducing your carbon footprint and your dependence on oil, gas and coal.  That's enough of a motivation to switch for some people, but what really gets most Americans interested in Solar Power is the potential to save money and avoid constantly rising energy costs. Purchasing a solar power system can be costly, but leasing is a great alternative for many homeowners.  Here's a look at the top 5 reasons why leasing solar may be right for you.

  1. Cold, Hard Cash
    The simple facts of solar power are that the equipment is expensive, but pays for itself over the lifetime of the product.  Unlike purchasing costly equipment, with leasing you'll see the financial benefits from day one.  Most solar lessors will look at your electricity bill and design your system to save you 10-20% each month, that's it.  The rate never goes up and you never have to pay for the equipment.
  2. Equity Boost
    As solar power becomes more and more popular each year, having solar equipment installed can be a very attractive box to check when it comes time to sell your home.  In many metropolitan areas, green construction and alternative energy are some of the highest priority features home buyers look for.  Leasing solar lets you get your home in front of more buyers without having to front load the cost of equipment and installation.
  3. Stabilize Energy Costs
    If you're near retirement or live on a fixed income, switching to a solar lease will let you lock in a fixed electricity rate that will never go up for the duration of the lease.  This is because the lease payment is based on the amortized cost of the equipment and not on comparable electricity rates.
  4. Go Green on a Budget
    Going green may be trendy, but in many cases it's a luxury for most Americans.  Leasing solar, among its many other benefits, allows you to join the green movement without having to jump into a huge financial commitment.  If tomorrow someone offered you equipment that could run your car on water for $3/gal, would any of us hesitate?  This is essentially the deal when you sign up for a solar lease.
  5. Option to Buy
    While the savings are somewhat small month to month for a solar lease (usually $20-$50/month), owning solar equipment outright can yield savings of $1200-$2000/year for the typical household.  Many solar leasing companies will allow the option to purchase the equipment while in the middle or at the end of a solar power lease.  This allows you to convert your meager savings to big savings without having to turn in your equipment and reinstall newly purchased panels.

As you can see, a solar lease is a great choice for most homeowners, but admittedly, it's not for everyone.  Consider you options.  Calculate the cost to own vs. lease over the amount of time you intend to stay in your home.  Most importantly, do your research, because the longer you put it off, the longer you pay more than you need to for energy. 

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