Leasing Solar Panels

Reader Contribution by Staff
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I’d like to buy a solar electric system but am not sure I can afford to purchase one. Is leasing a system a better option? 

I hear this question a lot. Solar electric systems have never been more affordable than they are right now, thanks to record-low module costs, generous federal tax incentives and financial incentives offered by many local utilities. Even so, out-of-pocket costs for a system that would meet the needs of a family of four for at least 30 years could run as much as $15,000 to $25,000 — or even more, depending on available incentives and the household’s annual energy consumption. Not surprisingly, a price tag like that creates sticker shock in a lot of potential customers.

Don’t despair! For those who can’t afford the upfront cost of a solar electric system, one option is to secure a loan so that you can make monthly payments. In some cases, this option can result in payments lower than your current monthly electric bill. And, as you suggested, solar leases can be another good option.

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