If you’re interested in going solar, the biggest factor holding you back is probably the cost. After all, not everyone has thousands of dollars tucked away to invest in solar panels. Still, the technology is ripe with benefits, so it makes sense that you’re interested in switching to solar. The trick to getting started is to find an affordable financing option.
That’s where solar panel leasing in Orange County, NY comes in. This could be the no-hassle option you’ve been looking for to make your dream of utilizing solar energy a reality. Here’s some basic information about leasing solar panels and how it could benefit you.
What is Solar Panel Leasing?
To help you understand how solar panel leasing works, consider a car lease. You get to drive the car, and you make monthly payments on the car, but you don’t own the car. This is the same with solar panel leasing in Orange County, NY.
You sign a lease agreement and have the panels installed with no money down. You then pay a fixed monthly rate to “rent” the solar panels and use the energy they produce. This rate is lower than what you paid on monthly utility bills before switching to solar.
Lease agreements typically last 15 to 20 years, and you usually have the option to purchase the solar panels for their residual value at the end of the term. You can also choose to renew the lease for another 15 to 20 years, or you can end the lease and have the panels removed. The choice is yours.
If you decide to move, you can either transfer the lease to the new homeowner or even have the option to take the panels with you, depending on where you move. Be sure to find a solar installer who agrees to these terms and promises to help with either of these processes before you sign the lease.
Benefits of Solar Panel Leasing in Orange County, NY
- Get started with $0 down: There’s no doubt that financing is the biggest stumbling block for people interested in going solar. The chance to have panels installed with no money down is a huge reason to lease solar panels. If you don’t have equity in your home and can’t take out a loan, this is the only other way to get started with $0 down.
- Hand over ownership responsibilities: Since you’re not the owner of your solar panels, you don’t have to deal with maintaining, repairing or replacing components as needed. Just call your New York solar installer and they’ll handle it. Knowing this upfront provides you with great peace of mind.
- Enjoy monthly savings: The primary reason to go solar is to save on your utility bills. By agreeing to pay a low fixed monthly rate to rent the panels, you can expect noticeable savings compared to paying for utility-produced electricity. You are told this rate upfront so you can decide whether leasing is the lucrative option you hope it is. If you can lock in a static rate for the term of the agreement, you’ll save even more over the years as electricity rates continue to climb.
- Do your part for the environment: Solar panels on the roof provide you with your own personal power plant. The electricity produced is clean and renewable, which helps you feel good about the role you play in sustaining the environment. You can use this electricity to power your air conditioner, heat pump, electric water heater, lights and even an electric car if you have one. If more people leased solar panels, they would generate more clean electricity, bringing our country closer to energy independence. With this mindset, the chance to save a little money on utility bills each month is just an added bonus.
It’s true that the financial savings you garner from solar panel leasing in Orange County, NY is less than if you take out a loan or purchase your panels outright, but it’s also the most hassle-free way to generate clean electricity for your home. Be sure to compare all your financing options with your solar installer before making your final decision.