How do you finance or lease solar panels and electricity for your home?
September 15, 2008
Considering solar power for your home during your residential remodel? Financing solar panels is the big hurdle for most us. Fortunately, the financing options for solar panels is becoming more obtainable.
Whether you are looking at solar panel suppliers and installers such as SolarCity, SunPower, and others, you now have options. For example, SolarCity offers a leasing program that is targeted at delivering you solar power at a monthly payment less than your exiting monthy electicity/power bill. With leasing options such as this, any repairs are typically covered, and at the end of the lease you can upgrade, purchase or return.
This timely LA Times article offers additional details and several homeowner examples of how solar panel lease and financing options have helped residents afford solar power for their homes: Solar Power Hits Home
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When you lease a solar system you don’t get the new 30% tax credit or the huge cash rebate or the valuable RECs(renewable energy credits) and all you’d be lucky to save is about $25.00 a month on a typical $250.00 electric bill after going through all the trouble of being locked into a lease for all those years. And after more than 10 to 15 years of lease payments you will own absolutely nothing. You’re far better off to buy a system using traditional financing. Not only will you get all of the financial incentives mentioned above but you’ll also own a system with a 30 to 40 year life expectancy that will put cash into your pocket every month for another 20 to 30 years after you’ve paid the system off. And that’s even considering the replacement of the inverter after 12 to 15 years. Lease a solar system…..I don’t think so ! Buying one makes alot more sense. Why do you think the leasing companies BUY solar systems, take all of the financial incentives for themselves then turn around and lease systems to homeowners.
Do you know a viable source for financing on these solar systems? What is the usual down payment requirement if any?
Ron,
I much appreciate you taking the time to write your comments comparing leasing and buying solar systems. It provided critical information. I will need to save for some time, but the information you provided soldified my intitial inclination to buy rather than lease. ~ Bert
Yip I do agree with Ron Winton Renting or Leasing with thee terms is no deal at all.
If you do this you are a Fool that has to much money or a TV lizard that can not think for him self.
The company I’m considering in the San Francisco area does not take the 30% credit. That goes to the homeowner. Your point about the inverter cost is well taken, but in a lease the company covers that cost as well. If you are not going to own that home for more than fifteen years, the lease does seem to be cheaper.
Ahh, I take it back. They do in fact take the credit on leasing.