North Carolina-based Palmetto has made solar energy accessible to more people with a leasing program that doesn't require a down payment for premium technology.
What is solar leasing?
Leasing a panel system is a more affordable alternative to buying a setup, which can cost between $20,000 and $30,000 before incentives, according to MarketWatch.
Palmetto's program, aptly named LightReach, provides top-notch panels with zero maintenance costs and $0 upfront. What's more, the service can deliver stable energy rates and cut harmful heat-trapping air pollution by reducing household electricity use from an increasingly strained grid. Severe storms and growing demand are contributors to a higher number of blackouts, according to Climate Central.
As part of the lease, Palmetto owns the system throughout service, nixing initial expenses incurred when buying panels. The homeowner uses all of the solar energy collected and pays a predictable monthly installment.
It's a way to "swap spiraling utility costs for dependable, abundant energy made right there on your roof," according to Palmetto's website.
Why is the alternative solar program important?
The U.S. Department of Energy reported that panels can last for more than three decades, making the utility savings a long-term value. But initial costs are a significant hurdle.
That's why leasing can be an attractive way to unlock solar power at home. Palmetto has more than 500,000 accounts in 31 states worth $1.2 billion, so the company knows how to make the process valuable for sun-savvy customers.
The experts can also navigate the ins and outs of solar in each community it serves, helping you develop the best regional plan to lower expenses and fossil fuel dependency. Palmetto boasts an 85% customer satisfaction rating, according to its website.
"Each state has unique solar incentives, climate conditions, and energy rates that impact your solar investment," per Palmetto.
However, the company added that financial savings won't be as great during the system's decades-long lifespan as they are when the panels are bought, especially after they are paid in full.
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Energy independence ⚡ "Solar leasing might be perfect for homeowners who can budget for a flat monthly fee, but they don't have the money on hand to buy the system outright or can't secure the loan," the company's experts wrote.
Potential lessees should consider if they plan to sell their property soon, as a move can impact the agreement.
As for the environment, NASA and other government experts have linked planet overheating, driven by burning dirty fuels, to increased risks for extreme weather and health concerns such as lung and heart disease, and cancer.
How can leasing help the clean energy shift?
Each solar cell converting sunlight into electricity is reducing the need for dirty energy to provide power. Panel breakthroughs are improving efficiency rates, as well.
Community solar is another leasing option, but instead of having the tech installed at home, the customer rents the use of panels at a nearby solar farm. Programs can save participants with average monthly power bills of $125 around $150 annually.
If leasing isn't for you, EnergySage is a vetted online service that can help you unlock all the incentives and find the right installer to maximize savings if you choose to buy a setup.
Palmetto also has a comprehensive breakdown of the options so you can plan your solar energy future with confidence.
"Leasing or buying solar panels can be ideal options in different situations, so you should thoroughly examine the pros and cons … to determine which is right for your needs," the Palmetto team wrote.
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