A solar lease is mainly a type of contract with a company that works in the field of solar energy systems and panels. The main aim of this lease is to help you have a solar energy system installed at your home without the hassle of any upfront costs. Essentially, it infers that you rent a solar system which will help you enjoy solar energy without having to buy the panels and related equipment.
The details of a solar lease
When you opt to settle for one, it is important to check the details carefully. One of the big benefits of opting for a solar lease has to be the fact that you get regular maintenance and support service. The company offering you the lease is likely to ensure that your solar energy production performance is running at its peak value and they also offer maintenance services too. The terms of the lease may differ and usually, it is between 15 to 20 years. It is also known as a third party lease mainly because the panels are owned by a third party during the whole term of the lease.
The financing options
When you opt to lease, you are likely to find different kinds of financing options. You may choose the one which entails no upfront cost or the one wherein you pay a part of the cost and there is also another option that allows you to purchase the whole system before the end of the lease. No matter which option you choose, you would end up paying a fixed monthly rate which will be the charge. However, it has been seen that choosing to opt for a solar lease is bound to entitle you to several benefits. First of all, you are sure to save on your electricity bills.
Who should opt for a solar lease?
A lot of people often wonder as to whether or not they should opt for this option. Here are some tips to sort the confusion. If you cannot afford the upfront cost of solar panels and the solar energy system installation, choosing a lease might be a convenient choice. If you do not want to deal with the regular maintenance and upkeep of the solar panels, choosing a lease contract might be better. So, now that you have the details, you can sort through the options and find the right company which offers it and settles the contract with the appropriate financing option.