Leases for things like cars and apartments are pretty common, but did you know you can lease solar panels?
Installing your own or signing up for a community system are more common, but leasing panels — meaning you just pay a monthly fee and nothing upfront — is on the table more often these days.
Palmetto's LightReach program is a good example of how people are saving money with this kind of structure. However, as one homebuying Redditor learned, there are some factors to consider before pulling the trigger on a solar lease.
"What is the benefit of having leased solar panels?" they asked the r/solar community. They explained how they were house hunting and considering a place with a $150/month solar package.
The responses were mixed. Many people warned against leasing, citing that some companies set monthly rates high enough to eat into the electricity savings that solar energy provides.
Others agreed that it was important to be careful but argued that, depending on the contract, leasing is still a great option that more people can afford. You don't have to buy the panels or pay for their insurance or maintenance, so you can find solid savings thanks to the clean and cheap energy they create.
The Reddit hivemind agreed that the key is to do your due diligence in assessing the contract. If your leased solar bill will be higher than what you would pay for electricity in that area otherwise, then it might be best to pass. Likewise, if there is a significant "escalation" rate that will inflate your bills over time, a good deal today could get out of hand later.
Others suggested negotiating the terms of the home sale to include paying off the solar lease.
"It's possible there is a great prepayment option you can negotiate the seller to pay and just transfer the service agreement to you," a commenter advised.
"This is what many buyers are doing," someone else affirmed.
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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. |
Energy independence ⚡ Whether solar panels are leased, bought in full, or crowdsourced by a community, they are one of the most effective ways to cut down your power bill — especially when compared to other planet-heating fuel sources.
That means you can help out the planet and pad your savings all at once.
As for leasing, it's all about the specifics of your deal. Check out Palmetto's program to get a sense of things, and use EnergySage to compare quotes and find as many savings as possible. EnergySage also has more information about leasing and tons of resources for buying your own panels too.
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