Energy company Palmetto secured $1.2 billion in investments in its LightReach business near the start of the year, according to PV Magazine.
That's great news for homeowners who want to install solar energy infrastructure for their homes — for zero upfront cost.
What is Palmetto's LightReach program?
LightReach is Palmetto's strategy for bringing rooftop solar and energy storage systems to residential properties without the upfront cost that often deters many homeowners from making the switch.
Considering that a system can cost around $29,000, per Investopedia, this relief of responsibility can make the option substantially more accessible to the average person.
LightReach is able to make these savings happen by leasing solar panels rather than outright selling them. The system is owned by a third party, which manages installation and maintenance, while the user only handles monthly energy payments.
Why are programs like LightReach important?
Incorporating residential solar panels can be beneficial to homeowners across socioeconomic classes. Families can spend a substantial amount of their take-home pay on energy, but solar leasing programs can provide dividends in the long term.
The cost of dirty fuel-generated energy typically fluctuates, and energy prices have risen on average over the past several years, at least in urban areas, according to government statistics. However, leasing solar panels through Palmetto's LightReach program will lock in low monthly rates, helping to protect you from volatility.
Getting your power from solar panels will also have a meaningful impact environmentally and in your community, as turning sunlight into energy doesn't create pollution associated with rising global temperatures, supercharged extreme weather, and respiratory problems.
How the investment in LightReach helps
According to PV Magazine, the investments from major financial institutions, such as Morgan Stanley and Truist Bank, support Palmetto's growth. As of January, it was "on track for about 300 customer additions per day across 30 states."
"We invested over $200 million over the past eight years in our operating systems, which first scaled a singular product, solar power, and now extended to a far broader product catalog," Palmetto founder Chris Kemper said. "Consumer financing, alongside other additional strategic growth areas, leverage our tech-enabled scaling capabilities."
Ultimately, how you decide to install solar panels isn't a one-size-fits-all choice. If leasing doesn't sound like it is right for you, EnergySage makes it easy for you to compare quotes and find the best purchase deal for your situation. If you're still on the fence, Palmetto can help you sort through the pros and cons.
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If you were to install home solar panels, which of these factors would be your primary motivation? Click your choice to see results and speak your mind. |
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