Lease Solar Panels and Save on Up-Front Costs

Photo: Ivars Zolnerovichs / istock

related articles

It's never been easier to go solar, now that companies are offering solar leasing options in many states.

Leasing removes many of the barriers that typically stand in the way of a solar investment. Most significantly, the design, equipment and installation costs are zeroed or significantly reduced, in lieu of a monthly payment. Typically, that monthly payment will be less than the savings a homeowner reaps from generating your own electricity, according to SolarCity, a pioneer in the field that just got a big boost from a $280 million investment by Google. Another company offering leasing options, Sungevity, partnered with Lowe's home improvement stores this spring, bring a familiar face to the process for consumers. (SolarCity works with Home Depot.)

Of course, you'll want to do your homework before making the choice. Homeowners can get a federal tax credit worth 30% of the cost of installing solar photovoltaic panels or solar hot water systems, and most states have solar incentives, too. One key question: Will you, or the leaser, get those benefits?

So explore your options if you're thinking of going solar, but if the up-front costs have turned you off in the past, consider leasing from companies like SolarCity, SunRun or Sungevity.

As of this writing, the option isn't available in every state. Here's a list that shows where it is:

COMMENTS ()