Today I want to talk to you about leased solar. Is it right for you? Every home is different, but we’ll go over a few pros and cons that you should keep in mind.
The biggest pro is that you could save a lot of money. One of our listings, a 3,000 square foot home, paid $150 a month to lease the solar panels, and their average electric bill throughout the summer has been $20. As you can see, some solar agreements make a lot of sense and save you a chunk of change on your energy bills.
Another pro is that you can prepay your solar up front. Again, you’ll save money, and prepaying the solar lease is more similar to owning the solar.
There are some drawbacks, however. If you are selling your home, the person who buys it must qualify for both the home mortgage and the solar lease. Sometimes buyers qualify for the home loan, but can’t also qualify for the lease, which takes them out of the running for the house. Just keep in mind that solar could affect the number of buyers interested in buying your house.
While the savings are a major pro, one of the cons of leasing solar is that the savings aren’t always that great. Solar technology is not at the point to power HVAC units, so if you have two or three HVAC units, the solar panels may not significantly lower your energy bill.
Also, there have been some regulatory changes that have raised the prices on solar panels. To keep up with these, simply Google SRP Regulatory changes.
Finally, remember that technology changes rapidly. Tesla is coming out with a home battery! Make sure you do your research to see what would be the best fit for you. You might want to wait and see what options new technology brings.
If you have any questions on today’s video, give me a call or send me an email. I look forward to hearing from you!