In today’s economy many homeowners are seeking ways to reduce their energy costs. With residential solar panels being readily available and saving homeowners up to $96,000 over the life of the system, it seems like a no-brainer route to take. However, the upfront cost of purchasing and installing a solar energy system can be a significant barrier for many families. This is where leasing solar panels comes into play, offering an attractive alternative that allows homeowners to enjoy the benefits of solar energy without breaking the bank.
In this guide, we will delve into the advantages of leasing solar panels and why it may be a worthwhile option for those looking to make the switch to clean, sustainable energy. We'll also hear from homeowners who have opted for solar panel leasing through PosiGen, a leading solar and energy efficiency company, to gain insights into their experiences and savings.
Going Solar without Breaking the Bank
First and foremost, leasing solar panels means you don't have to pay the upfront costs associated with purchasing a solar system. Solar panels can be expensive, with a typical residential solar system costing over $20,000. In fact, the National Renewable Energy Laboratory (NREL) cites the lack of access to capital for upfront costs as one of the main barriers keeping many underserved households from adopting solar. While solar loans may be an option for some, homeowners with credit scores under 650 or that do not meet income requirements can still find themselves shut out of solar savings.
The government has sought to address the affordability of solar with tax credits like the Residential Clean Energy Credit. Unfortunately, homeowners are unable to take advantage of these credits if their tax liability does not match or exceed the value of the credit. With a leasing program, the solar company owns the solar energy system. As the owner of the system, companies like PosiGen claim the tax incentive and are able to offer reasonable lease rates.
Leasing solar panels also allows homeowners to avoid this initial investment, as the cost of the system is spread out over time. Leasing options typically require little to no money down and offer low monthly payments, making solar energy affordable for homeowners who might not have been able to afford it otherwise. This financial flexibility makes it easier for a wider range of individuals and families to transition to solar power and enjoy the associated benefits.
Inclusive Maintenance and Support
Another significant advantage of leasing solar panels is that the leasing company takes on the responsibility for maintenance and repairs. When you lease solar panels, the leasing company retains ownership of the solar panels and is, therefore, responsible for maintaining and repairing them if necessary. This arrangement offers several benefits to homeowners:
Cost Savings:
If anything goes wrong with the system, the homeowner doesn't have to worry about the cost of repairs or finding a contractor to fix it. This can save homeowners anywhere from $200 up to $1300, depending on the repairs needed. Instead of finding a professional and footing the bill, leasing customers can simply contact the leasing company and have the issue resolved. This peace of mind is particularly appealing to those who may not be comfortable with the technical aspects of solar panel maintenance.
Accessible Support:
Leasing companies like PosiGen provide savings portals where customers can see how much energy they are producing and how much they are saving on their energy costs. These portals offer transparency and easy access to critical information. The costs for these portals are included in the easy, predictable monthly costs lease customers already pay. This user-friendly interface empowers homeowners to monitor and optimize their solar energy usage.
Value-Added Energy Efficiency Upgrades
When leasing solar panels from companies like PosiGen, homeowners can take advantage of additional savings through energy efficiency upgrades. These upgrades can significantly reduce energy consumption and further enhance the financial benefits of going solar. Here's how it works:
- Energy Audit:
Prior to the activation of the solar panels, companies conduct a thorough energy audit to identify areas of a home that are causing energy and air leaks. A comprehensive energy audit includes:
• Blower Door Testing
•Thermal Imaging
•Window & Door Assessment
•Detailed Attic Evaluation
•Combustion Appliance Zone Test
This comprehensive assessment helps pinpoint specific areas where energy efficiency improvements can be made.
- Energy Efficiency Upgrades:
Once air leaks and energy inefficiencies are identified, homes can receive upgrades like air and duct sealing, energy-efficient lighting, air filter replacement, and more. These enhancements can result in a 5-30% reduction in energy costs per year, adding to the overall savings realized through solar panel leasing.
Now that we've explored the benefits of leasing solar panels in detail, let's hear from homeowners who have made the transition to solar power through PosiGen. Their testimonials provide valuable insights into their experiences and the financial impact of leasing solar panels.
Honey Williams - Saving Money and Inspiring Neighbors
Background:
Honey Williams made the decision to embrace solar energy in March 2016. Her home spans 2400 square feet, and her household comprises three people. Her motivation was twofold: saving money and actively participating in the fight against climate change.
Energy Usage and Savings:
Before adopting solar panels, Honey's monthly energy bills reached into the high $300s. Her primary energy usage drivers included heating/cooling systems. After switching to solar, her first energy bill was a mere $12, with total savings exceeding $780 in the first year.
Impact and Lifestyle Changes:
Honey's decision to go solar has encouraged a commitment to making positive changes to her home. She has been able to make upgrades that save money and has stayed in her home comfortably. Additionally, she has inspired her neighbors to go solar and work together to create a better, more sustainable neighborhood—a positive ripple effect.
Elizabeth Newell - A Greener and Budget-Friendly Lifestyle
Background:
Elizabeth Newell decided to go solar with PosiGen in December 2017. With a home size of 1301 square feet and a household of two people, she was motivated by her commitment to green energy and reducing her household's carbon footprint.
Energy Usage and Savings:
Before activating her PosiGen solar panels, Elizabeth's average monthly energy bill was around $100. Her primary energy usage drivers included her AC unit, internet and Xbox usage, and various kitchen appliances. However, after switching to solar, her first energy bill dropped to less than $50, resulting in savings of over $1000 in the first year.
Impact and Lifestyle Changes:
The biggest change in Elizabeth's household since going solar has been the significant boost to her budget. She now has more disposable income to allocate to other priorities. Moreover, Elizabeth's commitment to sustainability has led to practices like recycling, composting, and minimizing paper and plastic usage, further reducing her household's environmental impact.
Elvin A Canales - A Solar Future for Generations
Background:
Elvin A Canales made the decision to embrace solar energy in July 2017. With a home size of 1800 square feet and a household of six, Elvin's motivation stemmed from both saving money and leaving a cleaner planet for his four boys.
Energy Usage and Savings:
Before adopting solar panels from PosiGen, Elvin faced a substantial monthly energy bill of $500. His primary energy usage drivers included his AC system, the size of his home, and the energy habits of his four sons. After switching to solar, his first energy bill dropped to $140, marking substantial savings, possibly reaching $4000 in the first year.
Impact and Lifestyle Changes:
Elvin's decision to go solar has put more money in his family's daily life, providing additional resources for his children's needs and family activities. It has not only reduced the financial burden but also instilled a sense of responsibility for the environment in his boys, who will inherit a world that benefits from clean, renewable energy.
Joyce Smalls - A Brighter Future for Grandchildren
Background:
Joyce Smalls embarked on her solar journey with PosiGen in August 2022. Her home spans 869 square feet, and she shares her space with one other household member. Joyce's motivation for going solar was to save money and contribute to a brighter future for her grandchildren.
Energy Usage and Savings:
Before transitioning to solar, Joyce's average monthly energy bill was around $185. Her primary energy usage drivers included computer usage, TV, lights, heating, cooling, and household appliances. After switching to solar, her first energy bill dropped to $32, with total savings of $800 realized.
Impact and Lifestyle Changes:
The most significant change in Joyce's household since going solar has been the substantial reduction in her electric bill. These savings not only benefit her financially but also allow her to contribute more to her family's well-being and the future of her grandchildren.
Christopher Wells - Pay Less, Travel More
Background:
Christopher Wells made the decision to go solar with PosiGen on September 30, 2014. His home spans 1506 square feet, and he shares it with one other household member. His motivation was simple yet compelling: pay less for energy and allocate more funds for travel.
Energy Usage and Savings:
Before adopting solar panels, Christopher's monthly energy bills ranged from $250 to $300. His primary energy usage drivers included air conditioning and washer & dryer usage. After switching to solar, his first energy bill was a mere $72, with total savings between $2500 and $2700 realized in the first year.
Impact and Lifestyle Changes:
Christopher's decision to go solar has resulted in significant financial savings, allowing him to allocate more resources to his passion for travel. This enhanced financial flexibility has opened up opportunities for exploration and adventure.
Cara Wallace - Monthly Savings and Sustainable Choices
Background:
Cara Wallace embarked on her solar journey with PosiGen in October 2022. With a home size of 2000 square feet and a household of four, her primary motivation was the desire to save money on a monthly basis.
Energy Usage and Savings:
Before transitioning to solar, Cara's average monthly energy bills ranged from $200 to $300. Her energy usage drivers included a pool, hot tub, AC, and various electronic devices. After switching to solar, her first energy bill was a mere $70, with savings starting to accumulate. Since she is still in her first year, the total savings are yet to be determined.
Impact and Lifestyle Changes:
The most significant change Cara has experienced since going solar is having more money available in her household budget, especially during the summer months when the pool pump runs constantly and the AC is in high demand. This newfound financial flexibility allows her to allocate resources to various aspects of her family's life.
These real-life case studies highlight the diverse motivations and experiences of homeowners who have chosen to lease solar panels through PosiGen. From significant savings on energy bills to a newfound commitment to sustainability and a brighter future for their families, these individuals have reaped the benefits of solar power while enjoying the convenience and affordability of leasing. As the testimonials show, leasing solar panels can be a practical and rewarding choice, offering both financial advantages and a positive impact on the environment.
In summary, leasing solar panels not only offers financial savings and environmental benefits but also the opportunity for homeowners to take an active role in the transition to cleaner, more sustainable energy sources. As these testimonials demonstrate, the choice to lease solar panels can be a practical and rewarding one, contributing to a brighter and more energy-efficient future for homeowners, their families, and the planet as a whole.
