Many people are looking to save money wherever they can these days. One place that you may look to reduce your expenses is on your electricity bill. So, how can you find someone to sell you electricity at a lower price? You might be surprised to discover that, in some cases, the cheapest electricity supplier may be a company that offers a solar lease.
So, how do solar leases work? A solar leasing company eliminates the large up front cost of purchasing a solar photovoltaic system by retaining ownership of the solar panels that they put on your roof. Instead of selling you the solar panels, they just sell you the electricity that is produced by those solar panels. The solar leasing company will come to your house to provide you with an estimate of the cost per kilowatt-hour that they will charge you for electricity over the course of the lease, which often has a term of 15 years. In many cases, the rate that they charge you for the solar-powered electricity is less than you are currently paying your electricity provider, so you can save money right away. What is even better is that this price is generally fixed for the term of the lease, so your savings will increase and the price of electricity continues to go up over time. Even if the rate that you pay for electricity under the solar lease is slightly higher than you pay for electricity today, you will still get the cheapest electricity in the long run from the solar lease.
There is one important limitation to solar leases at the moment, however. At the time of writing, solar leases are available in only seven states: Arizona, California, Colorado, Massachusetts, New Jersey, Oregon, and Texas. The companies that offer solar leases, such as SolarCity and Sun Run, continue to grow, so it is likely that solar leases will be offered in more states in the near future. Keep an eye out for availability in your area, as a solar lease may be your best bet to finding cheaper electricity.
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