Converting your home or business to solar energy is a move that brings with it a variety of benefits. From energy independence to a reduced carbon footprint, solar energy is an advantageous implementation for all sorts of instances. The only thing that holds people back from gaining these benefits for themselves is the assumed cost of solar, however, with a solar lease, you can get solar installed with plans starting at $0 down. In this blog, Lumina Solar will share how to lease Baltimore solar panels, the difference between a solar PPA and a solar lease, and finally, some of the benefits and points to consider when leasing solar panels.
Solar Lease Vs. Solar PPA
Before going into how a solar lease works, it is important to understand that there are two different types of solar leases. The first is the solar lease option where home or business owners will pay a fixed monthly amount to use the energy generated by the solar system, essentially like renting the Baltimore solar panels. Next is the solar PPA or power purchase agreement. With a solar PPA, customers will pay a fixed price per kilowatt hour for the electricity generated by the solar system. Home or business owners can expect their monthly energy bills to rise or fall depending on the amount of power that their solar system provides. Be sure to go over both options with your solar provider to find out which one best suits your situation.
How a Solar Lease Works
Solar leasing is a highly attractive option to pay for solar as it retains the crucial benefit of installing solar for as little as $0 down. The initial installation costs of traditional solar payment plans are often found to be the main deterring factor for those considering converting to solar energy. With a solar lease, these initial costs are eliminated. While the panels themselves belong to the solar leasing company, the home or business owner still gets to use the energy generated from the panels while paying a monthly fee for the usage. The leasing company will ensure that your Baltimore solar panels receive comprehensive maintenance services and provide an energy production guarantee.
Benefits of a Solar Lease
Along with a solar lease being the most affordable introduction to clean and renewable solar energy, there are a variety of other benefits that come with a solar lease. The first is that the solar leasing company ensures that your monthly rate will be fixed. If your contract includes any stipulation for a rise in cost, it should be explicitly stated within the leasing agreement. This allows for a level of predictability when it comes to your monthly energy bills. Next, is the benefit of reducing your carbon footprint while saving money. With the green energy provided by solar, your carbon footprint will be indefinitely reduced at no extra cost to you. In most cases, your monthly solar lease payment will be less than your normal energy rate from the grid.
Points To Consider
Before embarking on securing a solar lease, there are a few key points that you should consider. If you can afford to purchase your solar system outright, you will typically earn back your expenditure in energy savings in around 5 years. If your goal with solar is to save money in the form of a long-term investment, a solar lease might not be the right option for you. You should also consider your location and how much sunlight your area receives throughout the year. If your solar system doesn’t produce enough energy to power your home, your electricity will be automatically sourced from the grid. This brings about the hassle of having to deal with two energy payments. The final point to consider is the fact that with a solar lease, you will not be able to take advantage of the available solar incentives. If the ability to have Baltimore solar panels installed on your property for $0 down and paying a fixed rate for green, solar energy outweighs the points listed above, a solar lease is a perfect way for you to convert to solar.
Comprehensive Solar Guidance
If you are currently wondering if a solar lease is right for you, allow the expert team of solar representatives at Lumina Solar to provide you with comprehensive solar guidance throughout your entire process. We will work closely with you to go over your financial situation and your property’s energy demand to determine which payment plan and solar system will best meet your needs. If you want a solar provider that retains your best interest and ensures that your conversion process is streamlined, look no further than Lumina Solar. Call or contact us today to get started.