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A solar lease allows property owners to benefit from solar energy without the upfront cost of purchasing a solar energy system. By entering into a lease agreement, the lessee (typically a homeowner or business) pays a monthly fee to the leasing company, which owns and maintains the solar panels. In return, the lessee enjoys the electricity generated by the solar system, often at a lower cost than their traditional utility bills.
The main appeal is the absence of a significant upfront investment. The leasing company covers the cost of purchasing and installing the solar panels.
Even though you pay a monthly lease fee, the overall energy cost is typically reduced, since you benefit from the electricity generated by the solar system.
Since the leasing company owns the solar panels, they are responsible for maintenance, repairs, and insurance over the lease period.
Lease agreements often come with fixed monthly payments, helping to protect you from fluctuating utility rates.
You’ll be using clean, renewable energy, reducing your carbon footprint, and contributing to a greener future.
Solar leases offer some protection from rising utility rates, providing long-term savings and energy independence.
At the end of the lease term (in your case, after 5 years), there are often options to renew the lease, purchase the system, or have it removed.