The use of residential solar energy panels has become a significant discovery of science and technology for many homes in every community. Every home longs and strives to save a lot on utility bills. One of the most expensive among household bills is that of electricity expenses. It is due to the call of modern times where electricity is used by all members of a household from babies to adults. However, not all families are considering going solar. For one reason, initial expenses are significantly high for installing residential solar energy panels. Therefore, cash-out is the big factor that makes them stray away from the idea.
Fortunately, residential solar energy panels can now be availed through ways no one ever thought to be possible before. Companies are presently offering what is known to be residential solar energy panels’ system lease or home solar lease. What is it and is it too good to be true? Read on and be the judge.
What is Solar Leasing?
Solar leasing is a means of allowing an individual to use residential solar energy panels system as a source of generated solar energy without having to pay any amount as upfront or initial expense. It is much similar to leasing houses or other property where the customer pays for monthly finances without having to lay down a huge amount of money for ownership. Since installation of solar power panel systems are considerably costly, ranging from about $8,000 to $40,000, solar lease will lift off this financial burden off from customers and give them the chance of going solar.
There are several deals to be delighted about with solar leasing for residential solar energy panels systems. One of its best features is that a solar lease will cut off a good percentage from the monthly electricity bills—usually at about 10% off. This may sound too little, but in the long run, it could rise to about half of the bill. This happens since solar leases never increase more than 2.9% annually and the 10% savings for every month hikes up just as much when utility prices decided to rise.
Another is that solar lease guarantees the quality and installation workmanship costing absolutely $0. It is letting customers save a lot from the very moment the whole residential solar energy panel’s installation idea started. Accredited installers will assure the security and best performance of the system and homeowners will have nothing to worry about. Moreover, the solar leases that are dealt with known companies ensure a warranty and insurances for the entire system of residential solar energy panels. It will even cover repair expenses in case damages and troubles will occur.
What is it for the Solar Leasing Company?
To simplify matters, solar leases will benefit the company by they will receive the homeowners’ supposed government incentives and rebates at a huge percentage. This is because they actually own the solar power panel system and not the leasing homeowners. Also, it is one of the ways by which solar leasing companies help promote and support the wide-spread and usage of solar energy to help the environment and of the country’s economy as well.