Adding solar panels to your home isn't just beneficial for the planet; it's also a good way to avoid rising utility bills. However, some households may struggle with the upfront installation costs.
Fortunately, there are leasing options — such as Palmetto's LightReach energy plan — that shoulder the financial burden, allowing homeowners to jump-start their clean energy experience.
What is solar panel leasing?
According to data from the U.S. Department of Energy, shared by Tesla, the average 8-kilowatt residential solar system can cost between $21,900 and $26,400, although this may vary based on several factors.
Many homeowners may balk at that type of expenditure, but with the LightReach leasing plan, they can lock in a low monthly rate to begin enjoying the benefits.
The company owns the equipment and will handle all the installation and maintenance while providing a 90% production guarantee and a 25-year protection plan to its customers as part of that monthly fee.
The process begins with the company analyzing your electricity rates and household needs. Then, it will design, permit, install, and activate the solar energy system so you can start reaping the benefits without the hassle.
Plus, Palmetto Finance centralizes all your data in a convenient mobile app, allowing you to track the project, monitor your solar energy generation, and contact support all in one place.
Why is leasing an important option?
Solar adoption is advancing at a rapid pace, making up 72.3% of all new generating capacity added during the first quarter of 2025, per Electrek.
The expansion of solar energy generation supports the greater environmental good, and leasing helps democratize access for those who can't afford the large upfront expense.
According to Solar Insure, electricity rates have been ticking upward over the past decade, with an overall average price increase of 32% between 2014 and 2024. With solar leasing plans, the rate is locked in even if prices rise elsewhere. Buying solar panels also gives homeowners access to the sun's renewable energy, and it can reduce electricity costs.
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The cost of installation 💵 Residential installations can also bolster local electrical grids, provide energy independence, and help keep the lights on during power outages if paired with a battery storage system.
For those looking into purchasing instead of leasing, EnergySage offers an easy way to compare installation quotes and provides expert advisors to answer questions about solar panel systems. Palmetto can help you explore the pros and cons of buying versus leasing so you can decide which option is right for you.
Community solar is another great alternative for those who rent or live in shared housing. Those arrays can be installed on a building or off-site, with purchasing and installation costs divided between participants.
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