Assuming the homeowner doesn’t have the cash for an outright purchase, their options are to finance a loan (As we discussed last week), or lease the system with a financing/leasing company.
The Solar lease really made the modern residential solar market possible because it allowed customers to go solar with $0 down. Since many homeowners didn’t have enough income to fully utilize these tax credits, third-party financing mad sense as the industry developed.
For homeowners that are looking for a worry-free, professionally managed solar solution, with predictable monthly payments, leasing may be the best choice.
Solar PV system leasing gives Homeowners many of the financial benefits of installing a solar power system without having to pay cash or take out a loan for it.
With a lease the third party owner (TPO) will install solar panels at your property and, in exchange, the Homeowner will agree to pay them a below-market rate to use the solar electricity for the term of the agreement. Choosing this option to install solar panels can help the Homeowner save 10 to 30 percent per month over your utility’s electricity bills without any upfront investment required. While not eligible for rebates, tax credit or other government incentives, the Homeowner who leases a Solar PV system is also not responsible for maintaining the solar panels; and at the end of the lease, Lease and system providers, such as SunLender will either remove them or sell the system to the Homeowner at their fair market value.
The SunLender Lease requires no out of pocket expenses, and system production performance is monitored on a daily basis with any underperformance issues addressed immediately.
The SunLender lease offers low predictable payments for a 20-year term. By including an escalator that gradually increases the monthly payment, as utility rates increase over time, homeowners can get extremely low rates now and pay less than they would have otherwise through a utility. Programs are designed so that monthly payment rates will be lower than utility rates.
Additionally, since SunLender handles the paperwork for all tax credits, rebates or other incentives and passes the savings to the homeowner by offering lower rates.
And savings start immediately, as upon interconnection, Homeowners have an opportunity to save on their utility bill for the lifetime of their system. The savings start immediately.
Through SunLender, the Homeowner has a wide variety of American-made or Imported Equipment from which to choose, included on their AVL (Approved Vendor List), and upon request SunLender will vet vendors not currently included.
End of Lease options through SunLender are Homeowner-friendly, as at the end of the lease agreement, the Homeowner can continue the lease, choose to buy it at a discounted fair-market value, or ask to have it removed at no cost.
Additionally, transfer of ownership is made easy. If the Homeowner is selling their home, the system, can be transferred to the new owner, or the Homeowner can pay the agreement off with no penalty, and then sell their property with the added value of a solar system.
Whether a Homeowner leases a Solar PV system or finances it through a loan, the Homeowner wins financially, the environment wins ecologically and the benefits of renewable power continue to pay off every day.
If a Lease is the best way for you to go, or if you still prefer a loan option, contact your SunLender rep through this website –http://sunlender.com/sunlender/