Renting Solar?

The energy of the future is here today; solar is more attainable and affordable than ever before. There are federal, state, and local funding/ credits/ and incentives available, not to mention improved panel efficiency, and production practices that have brought the price of solar down to less than 1% of what it was back in the 1970’s when it first hit the main stream market.
However, even with all of the advancements and monies available, many homeowners are still unable to stomach the large up-front cost of installing their solar electric system, and have instead turned to the newest program on the block: the power purchase agreement (PPA) or solar lease. Both programs are very similar, but with distinct differences:
A power purchase agreement (PPA) means that you pay a fixed rate for the electricity your panels produce. You only pay for the electricity your system produces each month, as opposed to a solar lease where you pay a fixed amount every month for your solar panels, regardless of how much energy those panels produce.
So what does this mean? Each company is set up slightly differently, but here are the basics
• You don’t own the equipment so you don’t have to pay for it, its installation, monitoring, or repairs, and depending on the terms of the lease, have little to no up-front costs. It is similar to renting an apartment: you pay a monthly fee to live there, but don’t have to worry about a large upfront down payment, and when something goes wrong the land lord is there to fix it.
• Depending on the company you go with for your project, at the end of your leases duration some companies give you the options to purchase your system at FMV (fair market value).
• If you sell your home it is easy to transfer the lease to the new owners
Leasing and PPA agencies partner with local, trusted installers with proven reputations and ability. In the Mid-Atlantic area, Greenspring Energy is one of those trusted installers, which has partnered with SunRun and SunPower (NJ only).
With so many payment and financing options available, solar is worth another look!