Switching to solar panels is a worthwhile investment, but it’s not always feasible to make the full purchase right away. If you’re concerned about the upfront cost of a solar installation, leasing might be the ideal solution for you. Here’s everything you need to know about leasing solar panels as a homeowner in Nevada.
What Is a Solar Lease?
In a solar lease, a homeowner pays a leasing company a set amount each month to use the energy generated by the panels on their home. You get to enjoy the energy savings that the panels provide while the lease provider will take care of installing the panels and maintaining them for you. Some solar lease payments can be as low as $50 per month if you have good credit and are conservative with your electricity usage. In most cases, paying a solar lease each month will still be cheaper than paying a conventional electric bill.
How Does the Leasing Process Work?
Once you find a leasing provider, you’ll sign an agreement stating that you’ll pay for the usage of the panels within a fixed term. Solar panel leases generally last between 15-20 years. The leasing provider will schedule a date to have the panels installed at no cost to you.
You can start using the panels immediately without the expectation of compensating your leasing provider for any of your electricity savings. Throughout your lease, the installer will perform all the required maintenance to keep your solar panels operational. If a panel should need to be repaired, the installer will completely cover the cost.
Many solar leases match the warranty coverage of the panels. This means that you may be able to keep your panels free of charge once your lease term has ended. Alternatively, some contracts permit you to end your lease early with no penalties if you buy the panels.
Pros and Cons of Solar Leasing
When you lease solar panels in Nevada, you’re essentially paying someone a small monthly fee to take care of the panels for you. You also don’t have to worry about the expense of purchasing and installing the panels on your own.
The downside is your overall energy savings will be lower compared to what you’d earn by owning solar panels outright. While some solar panel financing agreements can also last up to 20 years, it’s possible to pay them off much sooner and eliminate the monthly payments entirely. The lease provider will also be able to claim any solar tax incentives and rebates because they own the panels.
Benefits of Leasing Solar Panels in Nevada
Leasing your solar panels in Nevada has a few exciting advantages. For one, if you’re still connected to the grid during your lease, you can earn net metering credits for the unused solar power you’ve generated. Because Nevada has clear skies and sunny weather for an average of 158 days each year, it’s an ideal location for building a solar energy reservoir. Unused credits from your utility company roll over and you can use them at any time to lower your monthly electricity bill.
Ready To Go Solar in Nevada?
At Solar Optimum, we help homeowners in Nevada switch to solar so they can start saving and take back their energy independence as soon as possible. We offer flexible financing options starting at little to $0 down for qualified applicants. Contact us to learn more and get your free quote.
