Solar leases are among the many financing options to help you succeed in making the switch go solar. Here’s everything you need to know about leasing your solar system in Connecticut.
Solar Leasing in Connecticut
Some residential solar panel installations can cost as much as $30,000, with no maintenance guarantees. For this reason, third-party providers cover these hefty expenses to jumpstart your solar journey. Solar leasing indicates that you only have to pay a low monthly rate to enjoy all the benefits of going solar. You also don’t have full ownership of the entire solar system. The leasing company may either provide the panels and equipment or outsource the installation to local contractors. Not only can it reduce your utility bills, but it can also increase the value of your home by at least 4.1%.
Most often, leases require zero down payment, which attracts people who want to earn the benefits of going solar right away. It is also the quickest way to go solar, requiring less paperwork. Ultimately, this setup tends to “feel” like a lesser commitment than owning the system. This feeling is because third-party providers usually take care of everything for you.
How It Works
Expect to have fixed monthly payments over 20 years if you opt for solar leasing. This payment is lower than the upfront installation costs, along with various technicalities depending on the program.
Connecticut Solar Lease Program
The CT Solar Lease Program does not require any downpayment to get started with your solar-powered home or business. They cover the upfront installation costs, including insurance and routine maintenance.
You can choose whether to lease with either fixed or escalated monthly payments. At the end of a 20-year term, customers can:
- Purchase the solar system at a fair market value
- Extend your lease for a few more years with eligibility for a reduction in the monthly payment
- Uninstall the system and cease the lease altogether
Once you move out and sell your house, the lease transfers to the preceding owner.
Sunnova Leasing Through Green Power Energy
Green Power Energy partnered with Sunnova to optimize finance options for consumers through solar leases. Different from other providers, Sunnova offers solar leases that are longer, taking 25 years. They added another five years to attract more customers and reduce monthly payments even more and provide a longer period of low cost energy.
As you know, solar system prices are not cheap as many people begin to discover its wonders. Therefore, signing leases with Sunnova allows you to lock the utility prices this year for 25 years. So if you’re looking for a lease that maintains the market inflation rate, this long-term investment is worth it.
Additionally, the longer the lease period, the higher the guarantee in better long-term services. Sunnova covers 25 years of warranty that includes repairs, maintenance, and regular monitoring. They sustain your system’s efficiency and condition through the years and refund or credit you for any difference.
For more information, please go to Green Power Energy.