Solar power is an economical and environmentally friendly option for many Massachusetts homeowners. Using solar panels to capture sunlight and turn it into energy can reduce your home electric bills and water heating expenses significantly. However, for some, the initial investment in a solar system can be outside the budget. For homeowners who have considered solar power but have been put off by the cost, the option of leasing solar panels could make one of these efficient renewable power systems accessible and affordable.
Current trends show that the prices of solar power installations are dropping significantly, by as much as 50 percent since 2010. While the prices may not have fallen far enough to put them in reach of most homeowners, they have become low enough to make leasing solar panels a more viable alternative for both businesses and consumers.
Companies that lease solar panels provide the equipment and installation using a business model similar to businesses that lease cars or other items and services. Customers indicate the type and size of solar power system they want, based on recommendations from their service provider. The customer signs a lease and the solar power company installs and maintains the solar panels and equipment over the term of the lease.
Solar panel leases are frequently for a set period such as 20 years. The leasing company may not require a down payment. Expect interest rates on the lease to be moderate. Be sure that you fully understand the interest rate you will be expected to pay, the conditions of the lease, and what is expected of both you and the service provider before signing a lease.
Contact Sage Builders, LLC today for more information on leasing solar panels and how leasing a solar power system may make the most economic sense for you.
Image via Shutterstock.com