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Pros and Cons of a Solar Lease Program

Pros and Cons of a Solar Lease Program

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The cost of solar grid-tie systems still remains costly for the home owner. However, a solar lease program can cost you one half the cost of buying your own system. Solar leasing is an affordable way for a home owner to save almost instantly on their electrical cost. But there are some things to consider about a lease versus a completely purchased system. Below, I have laid out some pros and cons about solar leasing.

Pros:

  • Basically three types of programs available-The first type of solar lease plan you pay off the total lease, which will be good for 20 to 25 years. This normally is about one half the cost of buying a system outright. There are no monthly payments. The second method is a partial payment lease by the year or by the leasing company agreement. The third option is for monthly payments, similar to a car leasing program.
  • Online system monitoring-Your total PV system is monitored over the Internet by the leasing company. Any changes in the status of your system are noted immediately.
  • Maintenance and repairs-If any repairs to your system are required from the online monitoring, the contractor who installed your PV system is notified immediately to make necessary repairs. This provides you with worry free maintenance and protection.
  • Insurance and warranty-The leasing company provides full insurance for their solar system for period of the lease. Any damages incurred by nature or equipment failure are totally the company’s responsibility.
  • System kilowatt production is guaranteed-The amount of electricity generated by the solar system must meet the quoted production or solar panels will be added to bring the kilowatt production to the agreed amount.

Cons:

  • Owned by leasing company-You do not own the system, so any changes can not be made by home owner. Your solar system is totally the property of the leasing company. They have full rights to the system.
  • Federal tax credit-Presently there is a 30 percent Federal tax credit for installing energy-saving devices. The tax credit is good until the year 2016. By leasing the system the leasing company has full right to your tax credit.
  • SREC (solar renewable energy credit)-A srec is the sale of excess power generated by your solar PV system. For every 1000 kilowatt-hours that you produce over and above your electrical cost, it is required by law to be a fixed sum of money that is paid to the home owner this could be also taken from you depending on the lease company.

As you can see, a solar lease needs to be carefully studied by the home owner and balanced out financially if it is a feasible option.

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Source : www.articlesbase.com

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