As the U.S. solar market continues to grow, more people are becoming interested in the idea of switching to clean energy for their home. Not everyone can afford the upfront costs for solar power, but cost shouldn’t be the sole determining factor of whether you can go solar or not. Many solar panel installation providers now offer leasing options. This allows homeowners to avoid upfront costs and only pay for the power that is produced.
Given the options of owning or leasing solar panels, many people are choosing the latter. When leasing, the installers own, maintain, and monitor the solar panels while you pay a low monthly rate to use the energy that they generate. During this time, the solar energy produced is expected to offset 50-75% of your electric costs. Leasing has become preferred over owning due to the easy and affordable pay-as- you-go plan.
By offering different payment options like leasing, it makes solar more affordable and gives more homeowners the opportunity to go solar. As leasing makes solar more available, rumors that solar is only for the wealthy is falsified and more people are jumping on the bandwagon to go solar. Solar is now an option for many more median income zip codes, where it was once far too expensive to be considered.
As solar continues to be popular in areas like Bakersfield, among them are new areas that are becoming leaders in solar. The switch to going solar is now inclusive of Santa Clarita, Castaic, Palmdale, Clovis, Pleasanton, Temecula, Visalia, Yucaipa, Apple Valley, Fresno, Canyon Country, Murrieta, and Lancaster. Out of the 13 cities listed, 9 of them saw that at least 75% of homeowners chose leasing over purchasing. Thanks to leasing options, more households are able to consider going solar. Leasing options in the 13 cities show that the average median annual household income was approximately $57,000, compared to wealthier cities like Malibu, where the median annual household income is about $160,000. Solar adaptations are now in a variation of cities, proving that solar is not only for the wealthy.
Solar leasing is especially attractive because of the instant gratification. People who lease will usually see savings right away, whereas for those who own solar panels, it may take at least a decade to break even the overall costs. Purchasing a system and waiting years to see a payback isn’t necessarily the most practical scenario for many people, especially when there are leasing options available. For those of you who want to be green but don’t want to invest an upfront cost, leasing may be exactly what you’re looking for. Additionally, many installers will often offer the option to purchase the system from them once your leasing contract is up.
The new ways that solar energy is being brought to more households is exciting in itself. It accounts for smaller economical footprints and more people being educated about sustaining our earth.
(Image courtesy of: hometurnedgreen.com)