Residential rooftop solar panels are a great way to ensure you’re using clean energy. Going solar can be costly, though, but there are leasing agreements that usually involve no money down for installation and offer affordable payments. A solar lease agreement involves a payment schedule for 15 to 25 years, in exchange for the electricity produced. Here are some pros and cons to leasing, if you’re considering this type of arrangement:
- An easy entrance into the solar marketplace
- Elimination of upfront costs
- No responsibility for repairs or maintenance
- Possibility to buy your solar energy system
- Solar leasing companies claim the rebates
- No net metering credits on utility bills
- No guarantee of predictable electricity prices
- Smaller savings
A solar energy system can cost $15,000 to $18,000, so the leasing option could be good for those who’d like the benefits of solar energy, but perhaps, cannot finance a solar loan from a lending institution.
Tip adapted from Greentumble[i]
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