Leasing A Solar Power System May Be A Good Alternative
Everyone agrees that having a home solar power system can save money, but the cost of purchasing a home solar power system is probably the main issue that keeps people from switching to solar power. People usually get a sticker shock when they realize that a residential home solar power system can cost $40,000 to $60,000. Even with the generous utility rebates and tax credits, the system would still require about a $25,000 out-of-pocket cost.
Realizing that many people cannot or just don’t want to put that much money upfront, there are some companies that are offering a different approach. Some companies are seizing on a growing trend of getting people to use solar power without the steep initial upfront cost.
Going with a company that will lease a solar power system means that there is no money required upfront, and you will save money by using less electricity. Typically these companies offer a 15 year contract with technical support and an opportunity to upgrade or buy the home solar power system at the end of the term.
Many homeowners like the fact that the company will handle any problems for 15 years, and then they can buy the system outright for approximately $7000.00 at the end of the contract. Another approach for those who cannot afford the upfront cost of a home solar power system, is to pay the company a fee to lock in a flat rate for solar, paying for the power from their roof the same way as they would pay their normal electric bill each month.
Utility officials and energy regulators are hoping that more people choose to power their homes with home solar power systems to lessen the burden on the electricity grid and reliance on fossil fuels. They feel that this new leasing approach is a big step in the right direction.
It is reasonable to assume that everyone would be concerned about the environmental aspects and benefits of switching to a home solar power system, however switching to solar power may not equate into financial savings for everyone. For some homeowners who already have low electric bills, solar power may cost them more money.
