How to Lease Solar Panels
- 1). Identify companies in your area that offer to lease solar panels. Solar systems are available in most states, but as of January 2011 not all states have companies that offer leasing plans. Consult the leasing plan coverage area web page or solar calculator tool to see if any of the major companies with leasing plans service your area.
- 2). Contact companies that service your area for a consultation and quote. Most leasing companies offer online estimates of expected savings, based on your current power bill; your solar potential, based on the average amount of sunlight your geographical area receives; and the cost of leasing a system that would cover your needs. You may request a visit from a certified technician to get a more detailed estimate of upfront fees, monthly costs and leasing options available.
- 3). Compare the terms, conditions and leasing options available from various companies. In some states, such as California, several companies offer competitive leasing options. Other states have fewer companies with leasing plans, or none at all.
Review the important parts of the leasing plan to determine which company offers the best options. Important factors include the initial costs, monthly payments, length of the lease, and lease-end options. Some companies offer heavily discounted system upgrades once the term of the lease ends, and others offer to remove the system for free. Most companies offer the option to purchase the system outright. Clarify any terms and conditions related to transfer of the lease in the event you were to sell the home or building. - 4). Contract with the desired company and wait for them to install the system. Installation may take from one to several weeks, depending on a variety of factors, including your credit approval, the number of qualified installation companies in your area, and the system design.
- 5). Pay the monthly lease payments and keep track of savings generated by having the system. Some companies, like SolarCity, offer integrated monitoring systems that allow the lease owner to see the savings and energy output in real time. This data helps you determine the return on your investment and makes it easier to decide what to do when the lease ends.