It is the same principle has leasing a car. You don’t buy them (solar panels can cost anywhere between $20,000 to $50,000) instead you lease them pay for them for a certain amount of time. The company SolarCity has created a business model that allows them to make a profit by leasing and the consumer to save on their energy bills.
Now you can afford to go solar without the high initial cost of installing a system. Instead of buying the equipment, you simply lease it. SolarLease is the most popular residential solar financing option in the country!
With a SolarLease, you pay as you go, instead of all at once. The combination of your low monthly lease payment and smaller electricity bill is typically less than what you pay the utility company today. So you can start saving money from the very first day.
Your savings can grow over time as utility rates continue to increase. Historically, utility rates have increased over 5% every year. With SolarLease, you can lock in lower electricity rates for the term of your lease.
A SolarLease can be a better investment than purchasing your system with cash because you do not have a big upfront payment and can save your money for other opportunities. You save money every month on electricity bills so you can be cash flow positive from day one. In addition, you do not have to worry about unexpected repair costs because they are covered under a SolarLease.
With a SolarLease, you have peace of mind that your system will continue to perform beautifully for years to come. SolarLease includes SolarGuard® proactive monitoring for the full life of the lease. SolarGuard allows you and SolarCity to continuously monitor your system to ensure it is running smoothly and performing as expected.
In the unlikely event that your system underperforms, SolarCity will alert you and help to remedy the situation. We will send out a repair crew for free warrantee repairs over the life of the lease. This includes replacing a worn out part such as the inverter. The good news is that solar panels typically last up to 30 years or longer, and have few moving parts. So once systems are installed, they require little ongoing maintenance.
We’re so confident with our system installation and design that we guarantee your system will perform as promised or SolarCity will pay you the difference! Our guarantee considers normal weather variations and solar panel performance over time. We track your system performance through our SolarGuard monitoring service, so we know exactly how much energy it is producing every day, week, month and year!
When your SolarLease ends, the power is still in your hands. You can upgrade to a new system with the latest solar technology. You can also extend your lease in 5 year increments or simply have the panels removed for free.
If you sell your home before the end of the lease, you can transfer the lease to the new owners if they qualify with excellent credit, or you can prepay the lease and add it to your home asking price. A solar system will help differentiate your home from other properties on the market—new buyers are looking for green homes that are energy efficient and will help them save money on energy costs.
In some states and utility districts, SolarCity’s financing plan is called PurePower. Financing terms vary by location and are not available in all areas. To find out which plans are available in your area, go through ourSolar Calculator.
To qualify for financing, you need to have excellent credit (a FICO score of 700 or greater).
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