More and more are finding ways to lease solar panels for their property or to simply pay for the electricity at a lower rate (power purchase agreement). This is due to the cost-effective method of installing solar panels with the use of the state and government rebates.
What exactly is leasing and what precisely does it entail when looking into the benefits that it has to offer? There are many reasons why you would choose such a plan, the main one being that you do not have to pay large sums of money upfront and it minimizes energy costs for your property.
With many of these leases being subsidized by government rebates, they are simple to acquire. These leases will vary though throughout the many different providers, so it's best to weigh the pros and cons of each before making any sort of commitment.
Reading all the fine details of any contract is important before signing. This is because many of them are long-term and it could be problematic if you get stuck in one you were unhappy with for any length of time. While most solar companies will leave you with little service after purchasing solar panels, most solar companies will offer more monitoring, insurance, replacement of parts, and maintenance with their leases and power purchase agreements.
Owning or renting your property is an important factor to consider before making any type of deal. You must make sure that you are able to move ahead with solar by having all the necessary permissions granted. Being a qualified solar candidate, whether leasing or purchasing, requires you to be the homeowner. As a renter, you must have the legal homeowner sign all of the necessary documentation, but you can still be on the agreement as a co-applicant.
The length of time you plan to stay in your property is also highly important when getting a lease. Leases and Power Purchase Agreements are both fully transferable to the new homeowner if you plan to move. However, different plans will have varying savings and they can be based off the number of years you are planning on taking advantage of the solar panels.
